Bank Turns Sh7B Financing Pipes Into Women Businesses

National Bank of Kenya (NBK) has launched a new initiative aimed at empowering women entrepreneurs in the country by giving them access toKsh7 billion financing kitty. Dubbed NIA, the initiative seeks to provide women owned and women led enterprises with access to financial support, capacity building, and mentorship to enable them grow their businesses and achieve full potential while creating new job opportunities.

The NBK Women in Business Value Proposition is a strategic move to support women-led businesses in the country, even as it recognizes the critical role that women play in driving economic growth and development.

Through the Nia Offering, Women Enterprises will have accelerated access to financing from the Ksh5 billion NBK Majikonnect Program supporting Water, Sanitation and Hygiene, with African Guarantee Fund collateral cover for up to 75%, and the Ksh2 billion NBK Elimukonnect Program supporting education, giving them access to a Ksh7 billion fund.

The NIA offering will provide a range of financial solutions, including business loans, asset financing, and overdraft facilities, to help women entrepreneurs meet their business needs. The programme will also offer technical assistance to help them develop business plans, improve financial management skills, and enhance marketing and branding strategies.

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Speaking during the launch, NBK Managing Director, Mr George Odhiambo, said the lender is committed to supporting women-led businesses and empowering women entrepreneurs. In this regard, the launch of NIA is a significant step towards achieving this goal and driving economic growth and development in Kenya.

“We recognise that women entrepreneurs face unique challenges in accessing finance and growing their businesses. By providing women entrepreneurs with the resources they need to succeed, we hope to create a more vibrant and prosperous economy for all,” said Mr Odhiambo.

The Nia offering is open to all women entrepreneurs in Kenya in all sectors and industries and will be available at every stage of development

NBK will also offer mentorship support to women entrepreneurs. As part of the NIA offering, the bank has also launched “You’ve Got Business”, a digital property connecting up and coming female entrepreneurs with experienced business leaders who will offer guidance and advice on how to grow their businesses and overcome any challenges they may face.

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 ‘You’ve Got Business show’  gives a platform for aspiring entrepreneurs to pitch their business ideas to a panel of Kenyan business moguls who can either fund their businesses or offer mentorship where they cannot invest.

National Bank has a long-standing commitment to diversity, equity, and inclusion, and the launch of its women proposition products and services is the latest step in its efforts to support underrepresented groups in the business community.