Family Bank on Friday announced a Kes 50 billion fund to empower women economically and deepen financial inclusion.
The fund, ‘Queen Banking’, will be available for women in business, professional women, and those in chamas.
A minimum of 51% of the shares held by or wholly owned by women is one of the requirements.
Others include companies with more than 25% female senior management, more than 30% female representation on the board of directors, or companies that cater to women's needs.
Family Bank Chief Executive Officer Rebecca Mbithi noted that by increasing on-ward lending to women, will impact businesses, societies, and the nation.
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“We are able to do these through strategic partnerships such as with the African Guarantee Fund. 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.”
In accordance with the program, women will have access to secured and unsecured loans worth up to Kes 7 million through Biashara Boost and unsecured loans worth up to Kes 2.5 million to fund women operating enterprises that provide piped water to communities, among other things.
“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.
