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Family Bank has set aside Sh50 billion for the next two years to promote women’s economic empowerment and deepen financial inclusion in the country. Dubbed “Queen Banking”, the kitty will be available for women in business, professional women, and those in chamas.

Family Bank CEO Rebecca Mbithi said this is a timely product for the Kenyan market since women are starting businesses twice the rate of male counterparts, yet their economic potential remains underserved.

“As a bank, we are making a deliberate effort to serve the women-owned and women-led businesses that form over 40 per cent of our client base,” she said while speaking during the unveiling of the exclusive woman banking proposition.

On-ward lending

Mbithi said that by increasing on-ward lending to women, the bank is not only impacting their businesses, but also families, communities, societies and the nation.

Requirements include businesses with at least 51 per cent of the shares controlled by women or 100 per cent owned by them.

The banking proposition is supported by African Guarantee Fund under its capacity development initiative under Affirmative Finance Action for Women in Africa programme. African Guarantee Fund Group CEO Jules Ngankam said the organisation is proud of the partnership fostered with Family Bank since 2015.

“Our commitment is to continue working with them to develop transformational financial products and services for SMEs who are indeed the backbone of our economies and the major drivers of job creation,” he said.