Family Bank has partnered with Water.org to launch a loan product that will provide affordable financing to players in the Water, Sanitation and Hygiene (WASH) sector.
The loan product christened ‘MajiPlus’ is geared towards increasing consumer access to safe water and adequate sanitation in the country by offering financial solutions to fund WASH solutions such as borehole construction and sewerage and reticulation initiatives undertaken by individuals and businesses within the country.
According to a news report by Capital FM, Family Bank’s Chief Executive Designate Rebecca Mbithi identified the initiative as an avenue that will help Kenya address the water scarcity and sanitation problem that is being experienced in most parts of the country.
“Water is life and touches the very core of the existent of humanity. We believe that through this partnership with Water.org, Family Bank will not only be providing access to affordable finance in the WASH sector, but we will also be positively contributing solutions towards solving the country’s water and sanitation crisis,” Ms. Mbithi said in the news report by Capital FM.
According to Water.org 41 percent of Kenyans still rely on unimproved water sources, such as ponds, shallow wells and rivers to obtain water for domestic use while 59 percent of Kenyans use unimproved sanitation solutions. These challenges are especially evident in the rural areas and the urban slums.
On his part, Anthony Githinji, Water.org’s Acting Country Director, lauded the partnership that will go a long way in aiding the realization of the United Nation’s Sustainable Development Goal 6 that seeks to ensure that all individuals in the world have access to clean water and proper sanitation by 2030.
“We pride ourselves in providing smart solutions such as WaterCredit, through partnership with financial institutions as we have done today with Family Bank, in order to mobilise access to finance within the water sector which is a key challenge towards achieving universal access to water and sanitation,” Mr. Githinji said in the Capital FM report.