The National Bank of Kenya (NBK) has launched Sh7bn initiative to empower women in business.
Nia, which is the name of the initiative, was launched at Sankara Hotel, and will provide financial support and mentorship for women entrepreneurs to grow their businesses.
NBK managing director George Odhiambo, expressed the bank’s commitment to supporting women-led businesses.
“We recognize that women face unique challenges in accessing finance and growing their businesses. By providing them with the resources they need to succeed, we hope to create a more vibrant and prosperous economy for all.” He spoke.
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The 7 billion shillings is divided into Sh5 billion Majikonnect programme that supports water, sanitation, and hygiene, and to Sh2 billion from the Elimukonnect programme that supports the education sector and schools.
Nia will give female entrepreneurs and women-led businesses accelerated access to financing from the bank’s plan.
Further, women will access the African Guarantee Fund collateral cover for up to 75 per cent and a range of financial solutions such as business loans, asset financing, and overdraft facilities.
The leaders will offer mentorship into how to grow businesses and overcome challenges.
“Aspiring entrepreneurs will be able to pitch their business ideas to a panel of Kenyan business moguls who can either fund their businesses or offer mentorship where they cannot invest. The show is in line with our initiative that aims at creating job opportunities for the youth and skilling them for self-employment while providing funding, nurturing, and mentoring future entrepreneurs,” Mr. Odhiambo concluded.