National Bank launches product to empower women in business
The National Bank of Kenya (NBK) has launched a new product in the market aimed at empowering women entrepreneurs in the country.
The new product dubbed “Nia” seeks to provide women-owned and women-led enterprises with access to financial support, capacity building, and mentorship to enable them sustainably grow their businesses and achieve their full potential whilst creating new job opportunities and scaling the national economic contribution.
The NBK Women in Business Value Proposition is a strategic move by the Bank to support women-led businesses in the country, even as it recognizes the critical role that women play in driving economic growth and development.
“We recognize that women entrepreneurs face unique challenges in accessing finance and growing their businesses. Our goal is to offer them the support they need to overcome these obstacles and achieve their full potential. By providing women entrepreneurs with the resources they need to succeed, we hope to create a more vibrant and prosperous economy for all,” said NBK Managing Director George Odhiambo.
Through the Nia Offering, Women Enterprises will have accelerated access to financing from the Ksh.5 billion NBK Majikonnect Program supporting Water, Sanitation and Hygiene, with African Guarantee Fund collateral cover for up to 75 percent, and the Ksh.2 billion NBK Elimukonnect Program supporting the Education Sector and Schools.
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.
It will also offer technical assistance to help them develop their business plans, improve their financial management skills, and enhance their marketing and branding strategies.
The product was launched alongside “You’ve Got business”, a digital property connecting upcoming 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.
“We have worked with our partners to co-create the ‘You’ve Got Business show’ to give 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. The show is in line with NBK’s initiative that aims at creating job opportunities for the youth and skilling them for self-employment while at the same time providing funding, nurturing and mentoring future entrepreneurs.” Mr. Odhiambo concluded.
The Nia Offering is open to all women entrepreneurs in Kenya, regardless of their sector or industry and will be available at every stage of development.