Over 700,000 women in the country have benefited from the Sh250 billion kitty established by KCB Bank to support Small and Medium Enterprises (SMEs).
KCB Bank Kenya Managing Director Annastacia Kimtai revealed that the fund, aimed at supporting women entrepreneurs, has already disbursed over Sh178 billion. This move comes as a response to the challenges faced by women in accessing financial support, despite constituting the majority of businesses in the country but only enjoying 10 per cent of financial backing.
During an annual Business Network International (BNI) forum held in Naivasha, Kimtai emphasized the bank’s commitment to providing unsecured loans and training to empower more women entrepreneurs. The collaboration with BNI has proven fruitful, serving as a valuable source of business ideas and referrals for numerous individuals.
In light of recent adversities such as flooding, property destruction, and looting during anti-government demonstrations, KCB Bank has pledged to restructure loan facilities for affected businesses. Additionally, the lender has expedited the resolution of insurance claims to ensure that enterprises can swiftly resume operations and restore their cash flow.
BNI Kenya National Director Elizaphan Muraguri highlighted the network’s significant impact, generating over 42,000 referrals worth Sh5.4 billion ($42 million) in the past 15 years. As the forums expand their reach to over 1,000 businesses across various counties, innovative strategies, including Artificial Intelligence, are being leveraged to drive growth and resilience in the face of disruptions.
