On finance, women entrepreneurs will have access to unsecured lending of up to Sh10 million, payable over five years for existing borrowers, and Sh7 million for new borrowers payable in four years.
A grace period of up to 60 days will be granted on a case-by-case basis.
In addition, the proposition will offer mentorship and coaching, business advisory and online training to women business owners, equipping them with critical financial and non-financial best practice skills useful in taking their business to the next.
The new drive is part of the bank's commitment to promoting, Speaking at the launch event, Absa Kenya Managing Director Jeremy Awori said, and would go a long way in addressing historic challenges that face women entrepreneurs.
“What makes this proposition even more exciting is that it is packaged in a way that offers more value than just financial solutions,” Awori said.
A study by the International Finance Corporation (IFC) estimates that over 70 per cent of women-led SMEs across every region are either financially unserved or underserved.
A report published by the Central Bank of Kenya in 2018 indicates there were 517,000 registered women owned businesses, 33 per cent of which are SMEs.
Absa business banking director Elizabeth Wasunna said:“The introduction of the Absa She Business proposition reflects our gender and economic diversity as we seek to provide integrated offerings for women-led businesses which have incredible growth potential."
The bank will partner with various institutions including the International Trade Centre (ITC), Kenya National Chambers of Commerce and Industries, Kenya Association of Manufacturers and development finance institutions in the drive.
Last year, Absa announced a Sh10 billion credit to women-owned small and medium enterprises as well as partnered with the International Trade Centre to enable women businesses participate in the global export and import trade.
To date, more than 8,500 women have benefited from this programme , the bank notes.
