Kenya Power and Lightning Company (KPLC) runs a credit service allowing customers to get power connections and clear the remaining balance for a specific period.
The credit product, allowing families to get power connections is known as Stima Loan.
While responding to a query on Wednesday, March 1, the utility firm stated that the service allows Kenyans to get electricity by paying 20 per cent of the upfront connection fee.
According to KPLC, beneficiaries of Stima Loan are expected to clear the balance within 24 months.
“Good Evening, we have Stima Loan where you pay 20 per cent upfront, with the balance payment being spread out over a period of 24 months,” KPLC responded to a query on Wednesday, March 1.
Customers are also expected to pay a 5 per cent administration fee. An administration fee is an expense charged to cover costs associated with opening, maintaining, and changing materials used in installing electricity.
To further apply for the Stima Loan, KPLC advised customers to visit their branches nationwide to understand their requirements and other processes involved.
“We advise you visit our commercial office nearest to you for further guidance regarding the loan,” Kenya Power maintained.
Kenya Power launched the Stima Loan initiative in partnership with the French Development Agency (AFD).
The product was introduced in the market to benefit low-income families that cannot afford the connection fees upfront.
According to the utility firm, over 49,000 families have benefitted from the initiative.