Kingdom Bank and AWEP Kenya officials during the launch of their "Funded & Fearless" partnership in Nairobi. [Brian Ngugi, Standard]
Kingdom Bank, a subsidiary of Co-operative Bank of Kenya, has partnered with the African Women's Entrepreneurship Programme (AWEP) Kenya to revitalise women-led enterprises.
The move comes as data shows women-owned businesses receive only Sh354 for every Sh1,000 extended to male-owned firms.
The partnership, launched yesterday in Nairobi, aims to connect women-led SMEs with tailored financial products, business development support and market access opportunities through Faidi Dada, Kingdom Bank's flagship women's banking solution.
The memorandum of understanding outlines a framework of joint programming, financial literacy initiatives, preferential banking access for AWEP members and a recurring "Funded & Fearless" series to be rolled out across Kenyan counties.
AWEP Kenya is the Kenya Chapter of a US State Department-founded initiative committed to equipping African businesswomen and SMEs with tools, networks and opportunities to accelerate business growth and drive economic progress.