Family Bank has launched an exclusive women’s banking initiative called ‘Queen Banking’, allocating KES 50 billion over the next two years.
This initiative aims to promote women’s economic empowerment and deepen financial inclusion in Kenya.
The Economics Kenya Labour Force Report 2022 reveals that women constitute 49.7% of Kenya’s total labour force, make up 50.3% of Kenya’s total population, and own 40% of micro and formal SMEs.
The McKinsey Global Institute report from 2015 suggests that USD 12 trillion could be added to the global GDP by empowering women economically and narrowing the gender gap.
Jules Ngankam, African Guarantee Fund Group CEO, expressed pride in the partnership with Family Bank and their new women’s banking proposition, supported by the Affirmative Finance Action for Women in Africa (AFAWA) program.
Queen Banking will serve three types of women: the woman in business, the professional woman, and the Chama woman.
The product is exclusive to businesses where women control at least 51% of the shares or own 100% of them, businesses where women constitute more than 30% of the board or more than 25% of senior management, or businesses that have products or services specifically benefiting women.
Family Bank CEO Rebecca Mbithi stated that Queen Banking is a timely product for the Kenyan market as women are starting businesses at twice the rate of men, yet their economic potential remains underserved.
“As a Bank, we are making a deliberate effort to serve the women-owned and women-led businesses that form over 40 per cent of our client base.”
women can access up to KES 7 million in secured and unsecured loans
Through Queen Banking, women can access up to KES 7 million in secured and unsecured loans via Biashara Boost.
They can also avail unsecured lending of up to KES 2.5 million for water businesses supporting the community, and up to KES 10 million for working capital and school construction, with up to 95% financing for school buses.
Additionally, they can get an unsecured loan of up to KES 2 million for agri-business input loans, trade finance solutions, lifestyle benefits through strategic partnerships, Chama savings and investment options, as well as bundled insurance solutions.