NAIROBI, Kenya, April 22 – Kenyan female entrepreneurs and startups have received a boost after KCB today announced a Sh4 billion (€30 million) kitty.
The lender will be tasked with availing the funds to the above group from sources such as the Bill and Melinda Gates Foundation and the European Investment Bank (EIB).
In a statement, KCB stated that the funds will be distributed to the entrepreneurs through the lender’s Female-Led and Made Enterprises (FLME) and KCB Foundation 2jiajiri propositions.
According to the parties, the funds will be pivotal in helping women and young people navigate the complex entrepreneurial journey.
According to KCB, African women have the highest rate of entrepreneurial activity in the world, at an estimated 24 percent higher than their counterparts in other regions of the world.
The KCB Bank Kenya Managing Director, Annastacia Kimtai, expressed the commitment of the country’s banking industry to addressing the banking industry’s gender gap.
According to the Director of Women’s Economic Empowerment at the Bill & Melinda Gates Foundation, Greta Bull, the funds will empower women to access more and better credit to support their entrepreneurial activities and, in turn, contribute to the country’s and continent’s economic growth.
“This partnership will help transform the banking and financial landscape in Africa and to create incentives for lending to women in business and make them contribute more towards the wider economic growth ambitions,” Bull said.
According to EIB Vice President Thomas Östros, pumping funds into women will be substantial in enabling the continent to harness new opportunities and transform communities.
The KCB Bank Kenya Managing Director, Annastacia Kimtai, expressed the commitment of the country’s banking industry to addressing the banking industry’s gender gap.
