The Stanbic Kenya Foundation convened an event at Sirikwa Hotel, Eldoret, on Wednesday, to empower women traders across Africa through targeted financial support and training programs.
The foundation's initiative
targets 5 million women across Africa including Kenya, Uganda, and Ethiopia,
focusing on providing short-term loans based on business productivity and
turnover.
This financial support aims to
enhance business operations and enhance economic growth.
Dorine Nalo, a key official
from the bank, emphasized that these loans are designed to improve the business
prospects of women traders.
“The bank aims to provide
loans for women which will ensure improved income thus boosting businesses,”
she said.
The loans are granted with
favorable terms, considering the productivity and turnover of the businesses,
ensuring that the recipients can repay while benefiting from the capital
infusion.
Additionally, the bank offers
training on health matters and various business uses to ensure holistic support
for women entrepreneurs.
County Executive Committee
Member (CECM) for Trade, Martha Cheruto, underscored the county's commitment to
advancing trade, highlighting the emphasis on Agenda Number 4 of Nguzo Kumi.
She announced that the county
government will collaborate with sub-county representatives to effectively
reach and assist women traders.
This assistance will include
customer service support, partnerships with women's savings and credit
cooperatives (SACCOs), and providing training and opportunities to grow
businesses, including market improvement initiatives.
CECM Cheruto also encouraged
women to explore exporting goods in light of the county government's reopening
of cargo flights.
“I encourage business women to
begin exporting their goods besides importing since we have reopened cargo
flights in the county,” she stated.
She urged the Stanbic team and
the Bill and Melinda Gates Foundation to enhance training for businesswomen,
focusing on branding and marketing strategies through social media platforms
like Facebook.
Additionally, Cheruto called
on women to create bank accounts to better manage their finances and support
their families.
Chief Officer Geoffery Tanui
addressed the challenges faced by the department in issuing loans, citing
inadequate funds, high demand, and record-keeping issues.
Among those present were
Francis Muchangi (Stanbic Bank chairman), Isaac Lagat (Director of Trade), and
key trade officers representing the various sub-counties.
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