Family Bank Rolls Out Women-Only Banking Proposition

By Soko Directory Team / Published September 22, 2023 | 4:29 pm



Family Bank

Family Bank has today unveiled an exclusive woman banking proposition dubbed ‘Queen Banking’ and set aside KES 50 billion kitties for the next 2 years to cater to the diverse individual and business needs of women to promote women’s economic empowerment and deepen financial inclusion in Kenya.

According to the Economics Kenya Labour Force Report 2022, women form 49.7 percent of Kenya’s total labor force, makeup 50.3 percent of Kenya’s total population, and 40 percent of micro and formal SMEs are owned by women.

McKinsey Global Institute report 2015 finds that USD 12 trillion could be added to the global GDP if you add women to economic empowerment and narrow the gender gap.

“We are proud of the partnership we have fostered with Family Bank since 2015, and today’s launch of their new women’s banking proposition is supported by our capacity development initiative under the Affirmative Finance Action for Women in Africa (AFAWA) program. Our commitment is to continue working with them to develop transformational financial products and services for SMEs who are indeed the backbone of our economies and the major drivers of job creation,” said African Guarantee Fund Group CEO Jules Ngankam.

Queen Banking will cater to the needs of three types of women, namely the Woman in Business, the Professional Woman, and the Chama Woman. The product is exclusive to businesses with at least 51 percent of the shares controlled by women or 100 percent owned by women, businesses where women constitute more than 30 percent of the board or more than 25 percent of senior management, or businesses that have products or services specifically geared to benefit women.

Read Also: Family Bank Releases Ksh 60 Million To Support 2000 Youth

Speaking during the launch of Queen Banking, Family Bank Chief Executive Officer Rebecca Mbithi stated, “This is a timely product for the Kenyan market as we are seeing that women are starting businesses twice the rate of our male counterparts, 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 percent of our client base.”

“By increasing on-ward lending to women, we are not only impacting their businesses, but also families, communities, societies, and the nation. We can do these through strategic partnerships such as with the African Guarantee Fund. We recognize that the Kenyan woman needs access to financing, growth, and investment opportunities as well as education and information, networking with like-minded businesses and individuals, recognition and reward and this is what we will be able to offer through Queen Banking,” added Ms. Mbithi.

Through Queen Banking, women can now access up to KES 7 million secured and unsecured loans through Biashara Boost, unsecured lending of up to KES 2.5 million to finance women doing piped water business supporting the community, unsecured lending of up to KES 10 million for working capital and construction of schools with up to 95 percent for school bus financing, 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.  

In attendance at the event was United Nations Director of Information Services Sandra Macharia, Nominated Senator for Nairobi County Tabitha Mutinda, Githunguri Member of Parliament Hon. Gathoni Wamuchomba, Nyandarua Member of Parliament Faith Gitau, Kenya Investment Authority Chairperson Sally Mahihu, Kenya National Chamber of Commerce & Industry (KNCCI) Women in Business Nairobi Chapter Nancy Muthoni, New Faces New Voices Chair Caroline Armstrong-Ogwapit, Women on Board Networks Catherine Musakali, Lukenya University Deputy Vice-Chancellor Mutheu Kasanga, Brookhurst International Schools Director Dr. Ruth Waweru, Media Personality Victoria Rubadiri, Musician Wahu Kagwi among other women in business leaders.

Read Also: Family Bank Bags Ksh 2 Billion In First 6 Months Of 2023




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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