Signage outside Ecobank branch in Nyeri town. FILE PHOTO | NMG
Kenyan women-owned businesses will receive customised financial and value-added solutions through the newly launched Ecobank’s Ellevate programme.
It targets businesses owned by women, managed by women, and those with a high percentage of female board members or employees, as well as companies that manufacture products for women.
The enterprises will benefit from smart cash management solutions, favourable lending rates and value-added services such as leadership training and networking opportunities.
Ecobank Group executive, commercial banking, Josephine Anan-Ankomah said the solution will enable women businesses to scale and remain sustainable.
“We intend to allocate 10 percent of our commercial banking loan portfolio to help bridge the financing gap,” said Ms Anan-Ankomah.
This comes at a time when financial institutions are ramping up investments on women-led businesses amid an economic fallout induced by the Covid-19 pandemic.
Absa Bank Kenya has committed Sh10 billion for lending to women-led small and micro enterprises (SMEs) amid rising banking competition and calls for support of the sector by the government.
Customers will access loans of up to Sh3 million within a 48-hour turnaround period, facilitated through a new facility dubbed Wezesha Express.
The loans will be advanced at 13 percent interest rate and repaid within three years.
This was followed by allocation of Sh600 million by the Kenya National Chamber of Commerce and Industry (KNCCI) and Mastercard Foundation to women and youth led businesses.
Through the Mastercard Foundation Covid-19 Recovery and Resilience Program, KNCCI will target businesses owned by youth and young women that have been affected by the pandemic and require financial and technical support to continue their operations and preserve jobs under the prevailing market disruptions.
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