Stanbic Bank is looking to expand its Dare to Aspire, Dare to Achieve (DADA) programme that supports Kenyan women entrepreneurs.
The programme which began in 2019 offers innovative solutions and financing to women seeking to advance their enterprises.
In a press release, Stanbic revealed that they were looking to partner with more organisations to make the dream of women’s financial inclusion possible.
“Under our credit guarantee scheme, we are working with the African Guarantee Fund (AGF) and the Government of Kenya as discussions are underway to engage other entities,” they said.
On providing grants and catalytic funding, they will be collaborating with Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) and United States African Development Foundation (USADF).
Over Sh6.9 billion has so far been lent to 45, 000 women entrepreneurs, Sh1 billion in credit guarantee schemes and Sh40 million in grants.
Women business owners were able to receive innovative financial solutions including digital lending from Unayo, M-Jeki and Stansure as well as providing them with digital cash advances and unsecured loans.
“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 in addition to 105% mortgage financing with zero fees,” they said.
Her Excellency Dr Joyce Banda, the fourth President of the Republic of Malawi, attended DADA’s third anniversary.
She commended Stanbic for their commitment to investing in women’s economic empowerment terming it a step in the right direction.
“It contributes towards gender equality, poverty eradication and inclusive economic growth as women make a considerable contribution to economies whether in businesses, on farms, as entrepreneurs or employees,” she said.
She said that it was paramount to keep supporting programs that promote women’s ability to secure decent jobs, achieve financial freedom and accumulate assets which are key determinants of growth and development.
Stanbic Bank Kenya Chief Executive, Charles Mudiwa, said at the anniversary that it was an honour to have had the opportunity to support women through its women's banking solution.
“When we started this journey three years ago, we looked at how we could achieve our goals and we knew that we had to support women as a key part of our journey,” he said.
He said their efforts had transcended into the organisation and as of 2022, they now had over 60 per cent of women on Stanbic Bank Kenya boards.
“We are also currently working in partnership with Ministry of Industrialization, Trade and Enterprise Development and County Governments to boost entrepreneurship, the employability through digital literacy and upskilling, career development, and provision of grants and access to job markets,” he said.
