Kenya: Bank launches loan product for businesswomen

Over one million women in business are expected to benefit from better access to finance, market and mentorship through Absa Bank Kenya’s new business product for women.

Through the Absa She corporate account, the institution strives to lend large sums of money to businesswomen over the next five years, while allowing them to achieve market balance. .

The product is based on four key pillars; access to finance, access to market and access to information as well as access to mentoring and coaching.

Those who already borrow from the bank will benefit from unsecured loans of up to 10 million shillings, while new ones will access 7 million shillings.

Start-ups and successful businesses will benefit from the new product according to Absa Kenya Managing Director Jeremy Awori.

“Absa She Business Account is tailor-made for the needs of the female entrepreneur, whether you are in business or running a large corporation,” he said at the new product’s launch last week.

Register companies

The director of Absa Business Banking, Ms. Elizabeth Wasunna, encouraged businesswomen to formalize their activities to benefit from it.

“We need to encourage as many entrepreneurs as possible to register their businesses, formalize their operations and keep good records of their transactions,” she said.

“These are important factors that determine the ability of entrepreneurs to attract investment, credit and other business opportunities.”

Cabinet Secretary for Civil Service, Youth and Gender, Professor Margaret Kobia, who chaired the launch, praised the bank for its efforts in promoting women’s empowerment programs. She called on more organizations to facilitate similar forums for the achievement of the sustainable development goals of reducing equality and gender equality.

“My ministry remains committed to continuing its engagement with the private sector and other strategic partners to rebuild a stronger economy that places women, youth, people with disabilities and other disadvantaged groups at the heart of economic recovery strategies.” for larger investments and oriented growth. in women, ”said Professor Kobia.

Kenyan businesswomen can also benefit from increased credit from the African Development Bank.

In January of this year, the bank’s board of directors approved a five-year strategy setting out a plan to support women’s economic growth through access to credit of $ 5 billion.

12 week training

There are also other business facilities suitable for businesswomen, such as the Women in Technology (WiT) program from Standard Chartered Kenya and the @iBizAfrica business center at Strathmore University, as well as the Women in Manufacturing program. (WiM) of the Kenya Association of Manufacturers (KAM).

Successful WiT candidates complete 12 weeks of training in a variety of business topics including bookkeeping, technology operations and branding. Exceptional SMEs then receive loans to boost their activities.

WiM, on the other hand, provides training and mentoring for industrial women in Kenya and links them to larger markets. It connects budding entrepreneurs with seasoned industrial women who supervise them. To join WiM, you must first be a member of KAM. Membership subscription is done through the KAM website.

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