Citibank N.A. Kenya establishes supply chain finance for women-owned businesses
As the world marks international women’s day, Citibank N.A Kenya has established a supply chain finance programme in support of women-owned businesses.
Speaking during the institution’s women in leadership and business conference, the bank’s chief executive officer, and East Africa cluster head, Martin Mugambi said the bank had concluded a Ksh.300 million inclusive of financing facility under a smart partnership with 4g capital, which is set to support 25,000 Small and Medium Enterprises (SME) in Kenya.
Mugambi added that Citi supported about Ksh.31.5 billion in social/inclusive finance debt transactions to fund businesses and microfinance institutions in 2020, enabling them to issue more than 415,000 new loans to women globally.
His remarks come against the backdrop of the bank’s appointment of its first female global Chief Executive Officer, Jane Fraser who took over on March 1, 2021.
Citibank n.a. Kenya, a branch of Citigroup Inc., began its operations in Kenya in 1974.