Family Bank has unveiled an exclusive women banking product called ‘Queen Banking’ and set aside Ksh50 billion for the next two years to cater for the diverse individual and business needs of women, through a strategic partnership with African Guarantee Fund (AGF).
Queen Banking will cater to the needs of three types of women: the Woman in Business, the Professional Woman and the Chama Woman. The product is exclusive to businesses with at least 51% shares controlled by women or 100% owned by women as well as businesses where women constitute more than 30% of the board or more than 25% of senior management. It will also be accessible to businesses that have products or services specifically geared to benefit women.
Family Bank CEO Rebecca Mbithi said Queen Banking is a timely product for the Kenyan market, noting that women are starting businesses twice the rate of men, yet their economic potential remains underserved.
“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,” Ms Mbithi says. “By increasing on-ward lending to women, we are not only impacting their businesses, but also families, communities, societies and the nation.”
Ms Mbithi said the Kenyan woman needs access to financing, growth and investment opportunities as well as education and information, networking with like-minded businesses and individuals, which will be offered through Queen Banking.
“The 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,” says African Guarantee Fund Group CEO Jules Ngankam. “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.”
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According to the Economics Kenya Labour Force Report 2022, women form 49.7% of Kenya’s total labour force, makeup 50.3% of Kenya’s total population and own 40% of micro and formal SMEs. 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.
Through Queen Banking, women can now access up to Ksh7 million secured and unsecured loans through its Biashara Boost product. They will also access unsecured lending of up to Ksh2.5 million to finance women in piped water business supporting the community, unsecured lending of up to Ksh10 million for working capital and construction of schools with up to 95% for school bus financing.
Women will also have unsecured loan of up to Ksh2 million for agri-business inputs, trade finance solutions, lifestyle benefits through strategic partnerships, Chama savings and investment options as well as bundled insurance solutions.
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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 Gathoni Wamuchomba, Nyandarua Member of Parliament Faith Gitau, Kenya Investment Authority Chairperson Sally Mahihu and Kenya National Chamber of Commerce & Industry (KNCCI) Women in Business Nairobi Chapter Nancy Muthoni.
Others were 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.
It’s good things will help alot of women to their businesses