Absa’s New Support Drive for Kenyan Women in Entrepreneurship.
Absa Kenya has launched a new drive dubbed ‘She Business Account’ targeting women in business especially those in Small Medium Enterprises.
This new proposition offers financial and non-financial solutions in accelerating business growth. Absa aims to reach over one million women entrepreneurs in Kenya over the next five years.
“What makes this proposition even more exciting is that it is packaged in a way that offers more value than just financial solutions.” Jeremy Awori, Absa Kenya Managing Director.
‘She Business Account’ is based on four main pillars: access to finance, markets, knowledge, and mentorship and coaching.
In finance, women entrepreneurs will have access to unsecured loans of up to Kshs 10 million for current borrowers, payable over 5 years. New borrowers on the other hand will have loan access of up to Kshs 7 million payable over 4 years. On a case-by-case basis the borrowers will be given a grace period of up to 60 days.
Additionally, the proposition would provide women business owners with mentorship and coaching, business advisory, and online training equipping them with essential financial and non-financial best practice skills that will help them take their businesses to the next levels.
The Managing Director Jeremy Awori said that the drive will go a long way towards resolving historic obstacles that women entrepreneurs face.
According to a study report by the International Finance Corporation (IFC), over 70% of women-led SMEs in every region are either financially unserved or underserved. Another report published by the Central Bank of Kenya in 2018, there are 517,000 registered women-owned businesses in Kenya, with 33% of these being SMEs.
“The introduction of the Absa ‘She Business Account’ reflect our gender and economic diversity as we seek to provide integrated offerings for women-led businesses which have incredible growth potential.” Elizabeth Wasunna, Absa Business Banking Director.
Absa will partner with several institutions in the drive such as the International Trade Centre (ITC), Kenya National Chambers of Commerce and Industries, Kenya Association of Manufacturer, and other development finance institutions.
Absa announced a Kshs 10 billion credit to women-owned SMEs last year as well as partnership with the International Trade Centre to help women-based businesses engage in global export and import trade. More than 8,500 women have so far benefited from this program. “
Absa Kenya has launched a new drive dubbed ‘She Business Account’ targeting women in business especially those in Small Medium Enterprises.
This new proposition offers financial and non-financial solutions in accelerating business growth. Absa aims to reach over one million women entrepreneurs in Kenya over the next five years.
“What makes this proposition even more exciting is that it is packaged in a way that offers more value than just financial solutions.” Jeremy Awori, Absa Kenya Managing Director.
‘She Business Account’ is based on four main pillars: access to finance, markets, knowledge, and mentorship and coaching.
In finance, women entrepreneurs will have access to unsecured loans of up to Kshs 10 million for current borrowers, payable over 5 years. New borrowers on the other hand will have loan access of up to Kshs 7 million payable over 4 years. On a case-by-case basis the borrowers will be given a grace period of up to 60 days.
Additionally, the proposition would provide women business owners with mentorship and coaching, business advisory, and online training equipping them with essential financial and non-financial best practice skills that will help them take their businesses to the next levels.
The Managing Director Jeremy Awori said that the drive will go a long way towards resolving historic obstacles that women entrepreneurs face.
According to a study report by the International Finance Corporation (IFC), over 70% of women-led SMEs in every region are either financially unserved or underserved. Another report published by the Central Bank of Kenya in 2018, there are 517,000 registered women-owned businesses in Kenya, with 33% of these being SMEs.
“The introduction of the Absa ‘She Business Account’ reflect our gender and economic diversity as we seek to provide integrated offerings for women-led businesses which have incredible growth potential.” Elizabeth Wasunna, Absa Business Banking Director.
Absa will partner with several institutions in the drive such as the International Trade Centre (ITC), Kenya National Chambers of Commerce and Industries, Kenya Association of Manufacturer, and other development finance institutions.
Absa announced a Kshs 10 billion credit to women-owned SMEs last year as well as partnership with the International Trade Center to help women-based businesses engage in global export and import trade. More than 8,500 women have so far benefited from this program.