Absa Bank Kenya, former Barclays bank of Kenya, has committed a Sh10 billion fund to offer credit to women entrepreneurs over the next five years as part of its customer value propositions under the new Absa brand.
Through SheTradesKE programme, a joint partnership of the International Trade Centre (ITC) and Absa Kenya, the bank aims to empower more than 10,000 women with additional skills and resources in the small and medium enterprises (SME) sectors. The fund is part of the bank’s commitment towards advancing diversity and inclusion by empowering women with financial resources and capacity building to grow their businesses.
According to Jeremy Awori, Absa Kenya managing director, the money will be availed to women entrepreneurs through the existing banking products including unsecured and secured loans, trade finance, asset finance, property finance and working capital facilities.
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“We have started off a committed fund of Sh10b, but we will raise it depending on customer demand and the two loans are to ensure we enhance diversity and inclusion and support women entrepreneurs who are driving the economy,” he said.
The bank also announced the launch of Wezesha Express, a new proposition designed to speed up the turn-around-time for processing loans. Under this proposition, the bank committed to process SME loans of up to Sh3 million within 48 hours, from time of application to having the funds in the account.
According to Elizabeth Wasunna, director of business banking at Absa Bank Kenya, Wezesha Express is a new proposition that the bank has included because it knows its customers need speed and efficiency. “Customers will need to produce 12-month bank statements from any bank or M-Pesa transactions. The kitty will be available to any woman who has a viable business plan and already doing business across all sectors,” she said.
This new fund has come at the proper time as women have argued that they lack funds to grow and expand their businesses. “As an organisation, our purpose is to bring possibilities to life, and we do this by connecting peoples’ dreams and aspirations to the financial resources and services they need to accomplish them,’’ Awori said.
