Standard Chartered gears up to bolster women entrepreneurs

Nairobi, Friday April 14, 2023

K.N.A by Elizabeth Mugo and Patrick Garvin

The Standard Chartered Foundation has launched a women’s revolving fund aiming to bridge existing financial gaps for women in business.

Standard Chartered has invested Sh.60 million with SOMO Africa through its women’s access to finance program.

Speaking on Thursday in Nairobi during the launch, Standard Chartered Head of Finance Markets in Kenya, Tanveer Nandhra stated that the funds aim to create a more financial inclusive society where women are fully incorporated into the economy.

“Incorporating women into the economy can unlock economic growth by $ 12 trillion,” said

Nandhra. She expressed that the objective is to help women entrepreneurs grow their business.

Nandhra noted that while 30 per cent of registered businesses are women led, women

continue to face challenges when accessing funds.

“Women have limited access to skills, they oftentimes lack access to simple banking services and in turn rely on saving to boost their businesses,” said Nandhra.

Jumba Co-founder and Chief Executive Officer (CEO), Kagure Wamuyu said the program aims to reduce gender gap in entrepreneur activities.

Wamuyu added that the program structure has an ability to train Small and Medium Sized Enterprises (SMEs) noting that through the program over 1,700 people have been physically trained while 6,353 others have been trained through the digital platforms.

“At least 340 businesses have been funded through the program creating a 270 per cent

output,” said Wamuyu.

She ascertained that through funding the 340 businesses, over 7, 000 jobs have been created as most beneficiaries are able to create employment.

Chief Executive Officer (CEO) SOMO, Amelia Hopkins emphasized that SOMO not only provided funds to SMEs but also supports entrepreneurs with training and business coaching.

She added that through the platform women are able to access finance at an affordable rate.

Courtesy K.N.A