Stanbic Bank Kenya has over the last three years impacted more than 45,000 women entrepreneurs by enhancing financial inclusion and providing innovative solutions which have enabled Dadas access Kshs 6.9 billion in lending.
The bank has additionally provided credit guarantee schemes to the tune of over Kshs 1 billion and over Kshs 40 million in grant funds. Under the credit guarantee scheme, the bank is working with the African Guarantee Fund (AGF) and the Government of Kenya with discussions underway to engage other entities. On providing grants and catalytic funding, Stanbic Bank is collaborating with Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) and United States African Development Foundation (USADF).
Stanbic Bank’s innovative financial solutions including digital lending, Unayo, M-Jeki and Stansure have been instrumental in increasing access to finance and relevant financial solutions for women business owners. The bank has also been providing digital cash advance and unsecured loans for women.
In order to support women with asset acquisition, Stanbic Bank provides 100% Vehicle Asset Financing (VAF) at discounted rates in partnership with select car dealers incorporating DADA specific auto insurance and a 60-day grace payment period. The bank also provides 105% mortgage financing with zero fees.
Speaking at DADA’s ’s 3rd Anniversary, a celebration of the milestones that have positively impacted women-led businesses through financial inclusion, the 4th President of the Republic of Malawi, H.E.Hon Dr. Joyce Banda commended Stanbic Bank’s commitment to invest in women’s economic empowerment as a step in the right direction as it contributes towards gender equality, poverty eradication and inclusive economic growth. Women, she added, make considerable contribution to economies whether in businesses, on farms, as entrepreneurs or employees.
“ It is paramount to continuously support programs which promote women’s ability to secure decent jobs, achieve financial freedom and accumulate assets which are key determinants of growth and development,” she said, while congratulating the bank for positively impacting and transforming the lives of women.
The event held in Nairobi was also attended by Prof Margaret Kobia, EGH, Cabinet Secretary, Ministry of Public Service and Gender, Hon. Betty Maina, EGH, Cabinet Secretary Ministry of Industrialization, Trade and Enterprise Development, Ms. Anna Mutavati UN Women Country Representative, and Mr. Charles Mudiwa, Stanbic Bank Kenya Chief Executive.
Mr. Mudiwa said Stanbic Bank was honored to have had the opportunity to support women through its women banking solution, DADA (Dare to Aspire Dare to Achieve).
