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Daraja Microfinance Bank

Article Updated on October 16, 2020 By Brian Waititu

Daraja Microfinance Bank was conceived in August 2008 during the Investment Cell Ltd’s strategy retreat. Investment Cell Ltd is an investment club founded by friends that met at the Rotary Club of Lang’ata.

They launched a capital call two years later in 2010 and invited friends and associates who included Investment Cell shareholders and members of the Rotary Club of Lang’ata.

Daraja Microfinance Bank has opened its first branch at Dagoretti Division, Nairobi in a launch event attended by the Central Bank Governor, Professor NjugunaNdungu. The bank aims at creating a bridge between its customers and their goals by being a financial partner that offers personalized solutions and approaches to managing finances.

“We are creating a community bank where money circulates within the community. In this case, for instance, if you are building a house, we will link you up with suppliers and fundis in Dagoretti rather than purchasing elsewhere. We will make covenants with our customers to achieve specific wealth targets in a set period,” said one of the Bank’s Directors GithukuMwangi.

The bank has been licensed to operate in the old Dagoretti Division and according to the bank’s branch Manager, JeridahAnyonga, it targets micro and small businesses, chamas and salaried staff, with the underlying goal being to help both individuals and groups achieve their financial goals.

“There are many commercial and microfinance banks operating in the market but what we realized from our research is that while a lot of people now have access to banking services; not many of them are doing purposeful banking. This is the gap that Daraja bank is coming to fill,’ said Daraja’s CEO Wycliffe Mwanzi.

The bank is now open for business and is looking into expanding its services to other communities and regions in the future.

Daraja Microfinance Bank strongly believes in coming up with innovative products to support entrepreneurs and households to achieve their goals of a good life within the shortest period. In line with its history in Rotary, it will support high impact community projects to solve problems such as lighting, sanitation, waste disposal in a commercially sustainable manner.

Daraja Savings Account

What is Daraja Savings Account?
Daraja savings account is a product designed for people who want to build their savings and earn interest on it.
Who is it suitable for? 
Individual and Business customers who are keen on improving their standards of living and boosting their business through the savings and interest earned.
Why is it suitable?
It promotes the culture of saving among the community members as the first step towards wealth creation
What are the key requirements?
Documents
  • Filled Application Form
  • Original/copy of Identity card
  • Valid Passport
  • Photo
  • Specimen signature
Age restrictions
  • All the Account holders shall be over 18 years and in possession of a National ID or valid passport
  • The upper age limit of the Account holders shall be restricted to insurance requirements which is 75 years at entry Savings
  • The Account holder will need to enter into a contract with the bank in order to earn interest
What are the key benefits?
  • Low Opening Balance of Ksh 500
  • Zero minimum Operating Balance
  • Account statements are free every 6months
  • Personalized customer service

Daraja Business Current Account

What is Daraja Business Current Account?

The Daraja Business Transaction Account is a product designed for business customers to enable them to carry out their daily transactions comfortably and efficiently.
What are the key requirements?
  • Documents
  • Filled Application Form
  • original/copy of Identity card
  • Valid Passport
  • Photo
  • specimen signature & certificate of registration
Age restrictions
  • All the Account holders shall be over 18 years and in possession of a National ID or valid passport
  • The upper age limit of the Account holders shall be restricted to insurance requirements which is 75 years at entry
What are the key benefits?
  • Easy/faster access to funds through mobile banking
  • No ledger fees
  • Minimum operating balance is NIL
  • Free statement half yearly
  • Free account activation
  • Free internal standing orders

Daraja Chama Account

What is Daraja Chama Account?
This account enables groups to have a Savings/Current account for wealth creation and welfare activities of its members.
Who is it suitable for?
Formal and informal groups such as chamas, self-help groups, welfare groups, partnerships, and investment groups.
What are the key requirements?
Number of Members:
Minimum of seven (7)members for non-incorporated groups.
Documentation:
Groups constituted as companies, cooperatives and Partnerships shall be required to give relevant official registration documents at the time of registration
Scope of group activities:
The scope of loans to chamas shall be limited to lawful wealth creation activities only.
Age Restrictions:
All the Signatories of the Chama/Group shall be over 18 years and in possession of a National ID or valid passport
What are the Key benefits?
  • Low opening balance of Khs 2000
  • Low minimum operating Balance of Kshs 2000
  • Personalized Customer Service

Daraja Personal Current Account

What is Daraja Personal Current Account?
Daraja Personal Current Account is a product designed for individual customers to enable them to carry out their daily transactions comfortably and efficiently.
What are the key requirements?
Documents
  • Filled Application Form
  • original/copy of Identity card
  • Valid Passport
  • Photo
  • specimen signature
Age restrictions
  • All the Account holders shall be over 18 years and in possession of a National ID or valid passport
  • The upper age limit of the Account holders shall be restricted to insurance requirements which is 75 years at entry
What are the key benefits?
  • Easy/faster access to funds through mobile banking
  • No ledger fees
  • Minimum operating balance is NIL
  • Free statement half yearly
  • Free account activation
  • Free internal standing orders

Daraja Biashara Loan

What is Daraja Biashara Loan?

Daraja savings account is a product that is going to meet your dream of taking your business to the next level.

Who is it suitable for?

Business people in need of extra funds e.g. Mechanics, grocers, bar owners, eatery owners … etc

Why is it suitable?

The extra funds will enable business people to acquire funds to finance working capital, business expansion and/ or diversifying into other business opportunities

 

What are the key requirements?

For Account Holder:

Applicants need to have saved with the bank for at least 6  months.

For Non-account Holder:

  • Non-account holders will be considered on a case by case basis by the bank.
  • Demonstrate clearly the ability to pay
  • 6 months certified bank statements from previous bankers or M-PESA statements
  • Good credit history amongst other criteria

Age restrictions

  • All the Account holders shall be over 18 years and in possession of a National ID or valid passport
  • The upper age limit of the Account holders shall be restricted to insurance requirements which is 75 years at entry Savings

What are the key benefits?

  • Flexible collateral requirements
  • Faster loan processing
  • Flexible repayment periods
  • Flexible loan amounts
  • Personalized customer service
  • Interest incentive for repeat borrowers
  • Loan top-ups available

Daraja Salary Loan

What is Daraja Salary Loan?

Daraja Salary Loan is the product for salaried people who need some extra money to meet their needs.

Who is it suitable for?

People in full-time employment like teachers, clerks, technicians …etc

Why is it suitable?

It promotes personal development

What are the key requirements?

For Account holder:

Open an account with the Bank. However, it is not a requirement for one’s salary to be processed through Daraja Microfinance Bank.

Demonstrate the ability to pay. A bank statement from previous bankers and /or M-PESA statements will be considered amongst other things.

For Non-Account holder:

Non-account holders shall be considered on a case by case basis.

Demonstrate the ability to pay. A bank statement from previous bankers will be considered amongst other things.

Age restrictions:

All the signatories shall be over 18 years and in possession of a National ID or valid passport.

The upper age limit shall be restricted as per insurance requirement which is 75 years at entry.

Savings

The Account holder will need to enter into a contract with the bank in order to earn interest

What are the key benefits?

  • Flexible repayment period up to 36months
  • Affordable interest rates
  • 48 hours turn around time on loan processing
  • Loan top-ups available
  • Interest incentive for repeat borrowers
  • Personalized customer service

Daraja Asset Finance Loan

What is Daraja Asset Finance Loan?
The purpose of the loan is to enable clients to mobilize savings and access financing for the purchase of new assets for either business or personal use.
Who is it suitable for?
Clients in both formal and informal businesses
Why is it suitable?
Daraja Asset Finance Loan enables you to grow your wealth through the acquisition of new assets.
What are the key requirements?
For Account holder:
  • The borrower will need to have operated a bank account for at least 6 months.
  • Certified M-PESA statements may be used as well on a case by case basis.
Age restrictions
  • All the borrowers shall be over 18 years and in possession of a National ID or valid passport.
  • The upper age limit shall be restricted as per insurance requirement which is 75 years at entry.
Age of asset:
  • This loan is for new and used assets. The value of the asset/invoice shall be the key consideration.
What are the key benefits?
Finance available up to 80%
Affordable interest rates
Faster loan processing
Flexible repayment periods
Personalized customer service

Daraja Microfinance Bank Contacts

Daraja Microfinance Bank Ltd
Postal Address: P.O. Box 100854 – 00101, Jamia, Nairobi
Telephone: 020-3879995 / 0733 988888/0707 444888 / 0718 444888
Email:  daraja@darajabank.co.ke
Website: www.darajabank.co.ke
Physical Address: Karandini Road, off Naivasha Road


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