Stanbic Bank, IFC set up Kshs 20B loan facility for women enterprises

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Majority of women enterprises risk failing due to limited tailor-made financial solutions to enable them scale up.

International Finance Corporation Country Manager Manuel Moses says many remain unbanked and are unable to access loans due to lack of collateral such as land.

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This comes as Stanbic Bank secured a 20 billion shillings credit facility from the international lender geared towards assisting women access capital for their startups.

According to a Central Bank of Kenya report, 82 percent of the total savings in Kenya are made by women despite many of them being excluded from formal banking.

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Stakeholders in the banking sectors are urging financial institutions to develop affordable loan products tailor-made for women entrepreneurs to allow them establish and scale up their ventures.

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The credit line targets women both in the formal and informal sector and will see borrowers negotiate personalized loans.

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Beneficiary of the loan facility will also get continuous financial trainings to equip women with business skills.

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