Family Bank has unveiled an exclusive woman banking proposition dubbed ‘Queen Banking’ and set aside Ksh.50 billion kitty for the next 2 years to cater to the diverse individual and business needs of women to promote women’s economic empowerment and deepen financial inclusion in Kenya.
Through Queen Banking, women can now access up to Ksh.7 million secured and unsecured loans through Biashara Boost, unsecured lending of up to Ksh. 2.5 million to finance women doing piped water business supporting the community.
They will also access unsecured lending of up to Ksh.10 million for working capital and construction of schools with up to 95 per cent for school bus financing, unsecured loan of up to Ksh.2 million for agri-business input loans, trade finance solutions, lifestyle benefits through strategic partnerships, Chama savings and investment options as well as bundled insurance solutions.
The financing plan is driven by the Economics Kenya Labour Force Report 2022, which shows that women form 49.7 percent of Kenya’s total labour force, makeup 50.3 percent of Kenya’s total population and 40 percent of micro and formal SMEs are owned by women.
McKinsey Global Institute report 2015 finds that US$.12 trillion could be added to the global GDP if you add women to economic empowerment and narrow the gender gap.
“This is a timely product for the Kenyan market as we are seeing that women are starting businesses twice the rate of our male counterparts, yet their economic potential remains underserved. As a Bank, we are making a deliberate effort to serve the women-owned and women-led businesses that form over 40 per cent of our client base,” said Family Bank Chief Executive Officer Rebecca Mbithi during the Queen Banking launch Friday.
Queen Banking will cater to the needs of three types of women, namely the Woman in Business, the Professional Woman and the Chama Woman.
The product is exclusive to businesses with at least 51 percent of the shares controlled by women or 100 percent owned by women, businesses where women constitute more than 30 percent of the board or more than 25 per cent of senior management or businesses that have products or services specifically geared to benefit women.
“The launch of new women banking proposition is supported by our capacity development initiative under the Affirmative Finance Action for Women in Africa (AFAWA) program. Our commitment is to continue working with them to develop transformational financial products and services for SMEs who are indeed the backbone of our economies and the major drivers of job creation,” said African Guarantee Fund Group CEO Jules Ngankam.
