Monday, Jan 17, 2022
HomeEconomyAbsa Bank Kenya sets up Ksh10 billion SME fund for women

Absa Bank Kenya sets up Ksh10 billion SME fund for women

Absa Bank Kenya has set aside Ksh10 billion Small and Medium Enterprise fund for women in Kenya.

The fund was unveiled on Tuesday in a programme dubbed “SheTrade” and according to the lender, the move was to align well with their ambition to be the preferred financial solution provider for the SME.

According to Jeremy Awori, the managing Director, Absa Bank Kenya, women form almost half of the global population many of whom create at least 45 percent of all current new jobs.

“Women form 50% of the local and global population and account for 48 percent of all Small and Medium-sized Enterprises (SMEs), creating at least 45 per cent of all new jobs.” Awori.

On February 10, Barclays Bank fully rebranded its name to Absa Bank Kenya marking the start of a new era for the bank that has operated in Kenya for close to 104 years.

Awori said the name change was the culmination of a transition journey, which the bank has been undertaking over the last four years.

The bank’s balance sheet has remained strengthened with Absa Kenya booking a 14 percent growth in normalized profits to Ksh.6.2 billion to September on the back of higher interest and non-funded income (NFI) growth.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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