Lender unveils Sh50 billion kitty for women to drive financial inclusion

Family Bank has set aside a Sh50 billion kitty for Queen Banking. [Courtesy]

Family Bank has unveiled an exclusive woman banking proposition dubbed Queen Banking.

The bank has set aside a Sh50 billion kitty for the next two years to cater for the diverse individual and business needs of women to promote their participation in economic growth and deepen financial inclusion.

According to the Economics Kenya Labour Force Report 2022, women form 49.7 per cent of Kenya's total labour force and make up 50.3 per cent of the total population. About 40 per cent of micro and formal SMEs are also owned by women.

McKinsey Global Institute report 2015 finds that $12 trillion could be added to the global GDP if you add women to economic empowerment and narrow the gender gap.

"We are proud of the partnership we have fostered with Family Bank since 2015, and today's launch of their new women's banking proposition is supported by our capacity development initiative under the Affirmative Finance Action for Women in Africa (AFAWA) programme,'' said African Guarantee Fund Group CEO Jules Ngankam during the launch.

The product is exclusive to businesses with at least 51 per cent of the shares controlled by women or 100 per cent owned by women, businesses where women constitute more than 30 per cent of the board or more than 25 per cent of senior management or businesses that have products or services specifically geared to benefit women.

"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,'' said Family Bank Chief Executive Officer Rebecca Mbithi.

Through Queen Banking, women can now access up to Sh7 million in secured and unsecured loans.