NAIROBI, Kenya, Sep 22 – Family Bank has announced a Sh50 billion fund to empower women economically and deepen financial inclusion in the country.
Dubbed ‘Queen Banking’, the kitty will be available for women in business, professional women, and those in chamas.
Requirements include at least 51 percent of the shares controlled by women or 100 percent owned by them.
Others are businesses whose board consists of more than 30 percent women or more than 25 percent senior management, or businesses that have products or services for women.
“By increasing on-ward lending to women, we are not only impacting their businesses, but also families, communities, societies and the nation,” Family Bank Chief Executive Officer Rebecca Mbithi said.
“We are able to do these through strategic partnerships such as with the African Guarantee Fund,” Mbithi added.
“We recognise that the Kenyan woman needs access to financing, growth and investment opportunities as well as education and information, networking with like-minded businesses and individuals, recognition and reward and this is what we will be able to offer through Queen Banking.”
Under the programme, women will access up to Sh7 million of secured and unsecured loans through Biashara Boost and unsecured lending of up to Sh2.5 million to finance women doing piped water businesses that support communities, among others.
“We are proud of the partnership we have fostered with Family Bank since 2015, and today’s launch of their new women banking proposition is supported by our capacity development initiative under the Affirmative Finance Action for Women in Africa (AFAWA) program,” said African Guarantee Fund Group CEO Jules Ngankam.
“Our commitment is to continue working with them to develop transformational financial products and services for SMEs who are indeed the backbone of our economies and the major drivers of job creation,” Ngankam stated.
