NBK launches Sh7bn initiative to empower women in business
What you need to know:
- NBK managing director George Odhiambo expressed the bank’s commitment to supporting women-led businesses.
- Through the platform, female entrepreneurs and women-led businesses will have accelerated access to financing.
The National Bank of Kenya (NBK) has launched a new product to empower women entrepreneurs.
The initiative, dubbed Nia, will provide access to financial support, capacity building and mentorship that will help the women grow their businesses.
During the launch at Sankara Hotel, Nairobi, NBK managing director George Odhiambo expressed the bank’s commitment to supporting women-led businesses.
"We recognise that women face unique challenges in accessing finance and growing their businesses. By providing them with the resources they need to succeed, we hope to create a more vibrant and prosperous economy for all."
Through the platform, female entrepreneurs and women-led businesses will have accelerated access to financing from the bank's Sh5 billion Majikonnect programme that supports water, sanitation and hygiene, and to Sh2 billion from the Elimukonnect programme that supports the education sector and schools. Additionally, the women will access the African Guarantee Fund collateral cover for up to 75 per cent and a range of financial solutions such as business loans, asset financing, and overdraft facilities.
The initiative will also offer technical assistance to help them develop their business plans, improve their financial management skills, and enhance their marketing and branding strategies.
As part of the Nia Offering, the bank also launched ‘You’ve Got Business’, a digital show connecting up-and-coming female entrepreneurs with experienced business executives. The leaders will offer mentorship into how to grow businesses and overcome challenges.
“Aspiring entrepreneurs will be able 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 our initiative that aims at creating job opportunities for the youth and skilling them for self-employment while providing funding, nurturing and mentoring future entrepreneurs,” Mr Odhiambo concluded.
