The Women Enterprise Fund seeks to disburse over Sh30 billion to at least five million beneficiaries in the next five years in an ambitious plan.
The Fund also plans to train at least one million women on essential skills and facilitate market access for over 200,000 women entrepreneurs over the period.
The set goals are contained in the WEF’s 5th Strategic Plan covering the period between 2023-2027.
The Strategic Plan is currently undergoing stakeholder validation before it’s rolled out for implementation.
Gender and Affirmative Action PS Anne Wangómbe said the Fund is leveraging in technology to expand its reach and realise the targets captured in the Plan.
“In March 2023, WEF was re-modelled from manual to digital in line with the President’s promise on digitizing government services,” Wangómbe said.
The PS in a speech read by Josephine Obonyo during the Plan’s validation exercise held at Sarova Stanley Hotel in Nairobi, Women can now access loans by dialling *254#
As a result of automation, she said, Sh941 million has been disbursed to 18,955 groups since March.
Since the inception of WEF, over Sh27.8 billion has been disbursed to more than two million women across the country.
In addition, more than 1.72 million women have been trained in entrepreneurship, financial literacy and value addition.
“One of the primary goals of this strategic plan is to enhance financial inclusion for women,” Wangómbe said.
The PS added, “By providing them with easier access to credit, training, and mentorship programs, we aim to further the Bottom-up Economic Transformation Agenda, the Kenya Vision 2030 and Sustainable Development Goals.”
Wang’ombe stated that the Plan places a strong emphasis on the sustainability and resilience of the Fund.
“In an ever-changing economic landscape, our women entrepreneurs must be equipped to navigate challenges and seize opportunities,’’ she said.
Women Enterprise Fund Advisory Board chairperson Jane Lang’at emphasized the Fund’s key strategic focuses.
They include enhancing financial sustainability, improving loan accessibility for women entrepreneurs, fostering financial and entrepreneurial skills, enhancing market access, and strengthening institutional capabilities.
Acting Women Enterprise Fund CEO Raphael Kimolo assured that the final document will address all concerns to create the desired impact.
Yvonne Tonkei, chair of the Ad hoc Committee on the Strategic Plan highlighted the plan’s alignment with the government’s Bottom-Up Economic Transformation Agenda.
Various stakeholders, including the State Department for Gender, National Government Affirmative Action Fund, UWEZO Fund, Office of the Controller of Budget, Kenya Bureau of Standards, and IDInsight among others were present.
WEF beneficiaries were represented by 27 women from different Constituencies.
They gave valuable insights, particularly on the lending process, which directly contributes to the sustainability of their businesses.
