Family Bank has unveiled an exclusive woman banking proposition dubbed “Queen Banking” and sets aside Sh50 billion kitty for the next 2 years to cater for the “diverse individual and business” needs of women to promote their economic empowerment and deepen financial inclusion in Kenya.
The product will cater to the needs of three types of women, namely the woman in business, the professional woman and the “chama” woman, and is exclusive to businesses with at least 51% of the shares controlled by women, or 100% owned by women. It also targets businesses where women constitute more than 30% of the board or more than 25% of senior management or businesses that have products or services specifically geared to benefit women.
“We are proud of the partnership we have fostered with Family Bank since 2015, and today’s launch of their new women banking proposition is supported by our capacity development initiative under the Affirmative Finance Action for Women in Africa (AFAWA) program. 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,” said African Guarantee Fund Group CEO Jules Ngankam.
Download Nairobi Business Monthly Latest Edition
Speaking during the launch of the fresh product, Family Bank chief executive officer Rebecca Mbithi said Kenyan market needed a new product and the lender is making a deliberate effort to serve the women-owned and women-led businesses that form over 40% of their client base.
“This is a timely product for the Kenyan market as we are seeing that women are starting businesses twice the rate of our male counterparts, yet their economic potential remains underserved,” said Ms Mbithi.
By increasing on-ward lending to women, she added, the financial institution is not only impacting their businesses, but also families, communities, societies and the nation.
“We are able to do these through strategic partnerships such as with the African Guarantee Fund. We recognise that the Kenyan woman needs access to financing, growth and investment opportunities as well as education and information, networking with like-minded businesses and individuals, recognition and reward and this is what we will be able to offer through Queen Banking,” added Mbithi.
According to the Economics Kenya Labour Force Report 2022, women form 49.7% of Kenya’s total labour force, makeup 50.3% of her total population and 40% of micro and formal SMEs are owned by women. McKinsey Global Institute report 2015 finds that $12 trillion could be added to the global GDP if women are added to economic empowerment and narrow the gender gap.
Through queen product, women can now access up to Sh7 million secured and unsecured loans through Biashara Boost, unsecured lending of up to Sh2.5 million to finance women doing piped water business supporting the community, unsecured lending of up to Sh10 million for working capital and construction of schools with up to 95% for school bus financing, unsecured loan of up to Sh2 million for agri-business input loans, trade finance solutions, lifestyle benefits through strategic partnerships, Chama savings and investment options as well as bundled insurance solutions.
In attendance at the event were United Nations Director of Information Services Sandra Macharia, Nominated Senator for Nairobi County Tabitha Mutinda, Githunguri Member of Parliament Hon. Gathoni Wamuchomba, Nyandarua Member of Parliament Faith Gitau, Kenya Investment Authority Chairperson Sally Mahihu, Kenya National Chamber of Commerce & Industry (KNCCI) Women in Business Nairobi Chapter Nancy Muthoni, New Faces New Voices Chair Caroline Armstrong-Ogwapit, Women on Board Networks Catherine Musakali, Lukenya University Deputy Vice-Chancellor Mutheu Kasanga, Brookhurst International Schools Director Dr. Ruth Waweru, Media Personality Victoria Rubadiri, Musician Wahu Kagwi among other women in business leaders.
In 2021 the lender received two awards; Financial Communication Campaign of the Year and Overall Public Relations Campaign of the Year at the 2021 Public Relations Society of Kenya Annual Awards for Excellence for the Corporate Bond Campaign where it raised Sh4.42 billion via public placement marking a subscription of 147.3%.
During the same year, it was voted as the Best Overall Bank and Best Tier Two Bank for Customer Responsiveness and Satisfactory Digital Experience. Previously in 2020, the bank was voted Best Tier Two Bank and the overall second-best bank in Digital and Customer Experience in the Kenya Bankers Association Customer Satisfaction Survey.
Other awards include Best SME Bank in Kenya at the annual Banker Africa Awards 2017, East Africa –an award initiative for financial institutions in Africa, Think Business Fastest Growing Bank Award three years in a row between 2013 and 2015 and the Think Business Best Bank in Micro-Finance Award, 1st Runner-up in 2013 and 2014.
The Bank has over 750,000 customers, 4,800 bank agents, and over 8,000 merchants countrywide with total assets of KES 128 billion and a deposit base of KES 100.8 billion as at 3o June 2023.
