KCB Bank Kenya has set aside KShs. 250 billion to fund women entrepreneurs in the next five years.
In a newly revamped women offering, the Bank will extend the funding to women-led and owned Small and Medium Enterprises (SMEs) across the country.
Under the KShs.50 billion a year platform, Female-Led, and Made Enterprises- FLME, KCB Bank seeks to support entrepreneurship, job creation, and strengthen its outreach towards unique market segments like businesses owned or run by women.
KCB Group CEO Paul Russo said," KCB believes that the MSME sector bears the biggest influence on the economic trajectory of East Africa. We consider this sub-sector as a promising development frontier. We are reimagining the way we engage with women entrepreneurs to enable them better overcome business challenges by providing working capital and other critical non-financial needs to sustain their growth,” said
“Women are running some of the most transformative business enterprises in Kenya which we see as the conglomerates of the future. At the same time, they face a lot of obstacles, like limited access to credit facilities, labor and skill gaps, exclusion from key networks, as well as social and legal constraints. What we are now doing is mainstreaming this agenda by widening the net to enable more women entrepreneurs to get access to the critical business support touchpoints."
To unlock this, KCB Bank has already eased credit requirements and documentation such as security to support businesses in a transformation that will guarantee faster loan processing periods.