Home Business Family Bank Ksh50B Kitty set to boost women businesses

Family Bank Ksh50B Kitty set to boost women businesses

Family Bank has rolled out a Ksh 50 Billion banking scheme exclusively for business women that will go a long way in promoting economic empowerment and deepen their financial inclusion.

The proposition dubbed “Queen Banking” which will run for a period of two years will cater for three types of women ; Woman in Business, Professional Woman and the Chama Woman.

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African Guarantee Fund Group CEO, Jules Ngankam said they are committed to continue working with women to develop transformational financial products and services for SMEs who are the backbone of the economies and major drivers of job creation.

“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 Ngankam.

Speaking during the launch, Family Bank Chief Executive Officer Rebecca Mbithi stated that they are making an effort to serve the women-owned and women-led businesses since their economic potential remains underserved.

“We recognize 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,” said Mbithi.

Women who are 51pc share holders or completely own a business will have access up to Ksh 7 Million in secured and unsecured loans through Biashara Boost.

Ksh 2.5 Million of Unsecured Lending will finance women doing piped water businesses, Ksh 10 Million for working Capital and construction of schools and Ksh 2 Million will go towards agri-business input loans, trade finance solutions, and lifestyle benefits through strategic partnerships, Chama savings and investment options as well as bundled insurance solutions.

Sally Namuye
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