Stanbic inks deal with UN to support women in MSMEs
Stanbic Bank has signed an agreement with United Nations Women to bolster the involvement of women in Micro Small and Medium Enterprises (MSMEs) for their empowerment in the marketplace.
The deal will see more than 3000 women benefit from it with key target being those who have largely been affected by the effects of the coronavirus pandemic.
Addressing the media after the signing ceremony they assured women of the lender’s continuous support to women, through financial and non-financial solutions.
“We are giving them small loans which are actually at zero percent interest rate without administration fees for them to restart their businesses which are struggling as a result of the pandemic,” said Stanbic Bank Kenya Chief Executive, Charles Mudiwa.
The lender also agreed to adopt five of the seven principles among others High-level
Corporate Leadership, fair treatment of women and men at the workplace and Enterprise Development.
The memorandum will contribute to the social and economic pillars following the impact that women have and the importance of creating opportunities and healthy environments for them to thrive and reach their potential.
Others are Supply Chain and Marketing Practices, Community Initiatives and Advocacy, as well Measurement and Reporting.
United Nations Women Kenya Country Representative, Anna Mutavati called on individual organizations to take bold and meaningful action to ensure that the talents, skills, and perspectives of women are valued all the way up to boardroom level.
“For individual organizations to take bold and meaningful action to ensure that the talents, skills, and perspectives of women are valued all the way up to boardroom level is the smart thing to do. We are excited to see Stanbic’s concrete actions transform into tangible gains for women in business,” said Mutavati.
The signing of the principles mark Stanbic Bank as the 50th organization to sign the Women Empowerment Principles allowing the bank to join a global network of over 5,000 companies, including 49 companies in Kenya, that are committed to achieving gender equality in the workplace, marketplace and community.