Kenyan Women Entrepreneurs to Benefit from $32.1M Investment Initiative

Kenyan women entrepreneurs and startups are poised to receive a significant boost in funding amounting to €30 million ($32.1 million) through a collaborative effort between KCB Bank Kenya, The Bill & Melinda Gates Foundation, and the European Investment Bank.

This financial injection, provided by The Bill & Melinda Gates Foundation and the European Investment Bank, will be channeled through KCB's Female-Led and Made Enterprises (FLME) program and KCB Foundation's 2jiajiri initiative.

FLME, which was launched with a budget of Sh 250 billion two years ago, aims to offer flexible, accessible, and affordable solutions tailored specifically for women entrepreneurs.

Serving as a comprehensive support system, FLME addresses the gaps left by traditional lenders by providing assistance to women and young entrepreneurs throughout their business journey.

Through FLME, KCB has successfully strengthened its rapport with female clients, gaining insights into their businesses, enhancing their access to finance, and furnishing crucial business advisory services.

The latest funding initiative, following extensive technical preparations, seeks to tackle various obstacles hindering low-income women from accessing financial resources.

Technical support provided to KCB Bank Kenya will enable financial institutions to reduce the cost of loans for women by leveraging digital technology, data analysis, and risk-sharing mechanisms.

Source: Martin Mwita / The Star