Monthly Archives: May 2024

On May 31, 2024, KWFT partnered with Kenya Red Cross to undertake a donation drive to support flood victims residing within Kaptagat, Kibarage and Bottomline Slums in Kangemi.

The activity was spearheaded by the Ag Managing Director Mr. Kariuki Kitabu and supported by various KWFT staff. The donations were received by the area chief, Mr. Daniel Njunie and Kenya Red Cross team led by head of Lower Eastern Region, Mr George Ndolo. KWFT strategic partners present at the event were Preetam Ayarekar representing Polytanks and Edgar Mulei representing Silafrica.

The donations included; 28 bales of maize flour, school bags, clothing, shoes, beddings, story books, toys, books, 1000 plates, 2000 bowls and 3000 pens. The donations also included 30 water tanks of 2500Litres, 50 polypots to store drinking water and 70 handwashing units to uphold hygiene standards at the households.

This initiative underscores KWFT’s dedication to the well-being of the environment and communities in which it operates, reaffirming its solidarity with Kenyans during times of need. KWFT expressed its deep gratitude to its partners for their generous contributions and to the KWFT team for their unwavering commitment to the activity.

Kenya Women Microfinance Bank (KWFT) was honored with Best Microfinance Bank award at the 14th edition of the Africa Bank 4.0 Awards on 30^th May 2024. The award ceremony was graced by KWFT’s Board Chair Jaine Mwai and KWFT MD Kariuki Kitabu, proudly receiving the award on behalf of the bank. This award recognizes the microfinance bank in Kenya that demonstrates excellence in providing financial services to the underserved demographic.

This recognition underscores KWFT’s unwavering commitment to empowering women and uplifting communities through tailored financial solutions and inclusive practices. KWFT remains dedicated to its mission of creating opportunities for the Kenyan community to thrive and succeed by consistently delivering exceptional service and fostering economic growth.

KWFT partnered with Kenya Red Cross Offices countrywide to donate essential items to benefit Kenyan affected by the recent floods in various towns. This was an employee initiative and was supported by over 800 KWFT staff serving in the 213 KWFT branches spread in 45 Kenyan counties. The items donated included food, clothes, beddings, stationary, storybooks, toys and toiletries.

This initiative showcased the collective commitment of KWFT employees to support their fellow Kenyans in times of need. KWFT remains deeply grateful to its employees for their overwhelming generosity and commitment to this cause. Their contributions have made a significant impact, helping to alleviate the hardships faced by flood-affected communities and reinforcing the spirit of togetherness.

On May 23, 2024, Kenya Women Microfinance Bank (KWFT) had the pleasure of hosting a delegation of 14 members from ENAT Bank of Ethiopia, alongside 3 representatives from Predictive Analytics Lab. This visit formed part of their benchmarking and study tour and their interest was to explore and learn more about digital banking within the Microfinance Industry.

ENAT Bank, is a women-focused bank in Ethiopia and they attended this exposure visit at KWFT led by their Vice President Madam Ms. Tigist Abate to gain a deeper understanding of best practices in microfinance, digital banking and sustainability. Their goal was to learn from KWFT’s success in navigating the competitive and digitalized financial sector, thereby enhancing their own strategies for empowering women in their country through digital channels.

The delegation was warmly received by KWFT’s Managing Director, Kariuki Kitabu, Director ICT& Banking Operations – Kibet Kipkemoi and General Manager Marketing & Innovations- Juliana Wanjiru. The MD – Mr Kariuki delivered an insightful presentation on KWFT’s journey in women economic empowerment that emphasized KWFT’s unwavering commitment to empowering women through innovative & sustainable financial solutions as well as encouraging adoption of digital channels within the bank.

In addition, KWFT’s Director ICT and Bank Operations Kibet Kipkemoi, presented the bank’s robust ICT framework and investments that supports KWFT’s operations. In a world that is rapidly becoming more digital, his presentation demonstrated how KWFT stays at the forefront of the microfinance industry by utilizing innovative technologies to improve service delivery and reach the unbanked in the society.

This opportunity to share knowledge and experiences with ENAT Bank and Predictive Analytics Lab is within KWFT’s commitment to advance though leadership and foster collaborative efforts that promote financial inclusion and adoption of innovative solutions within the financial industry.

On May 6th, 2024 – African Guarantee Fund (AGF) signed a KES 725 million risk sharing partnership agreement with the Kenya Women Microfinance Bank PLC (KWFT) in a move to boost financial inclusion for Women-led or owned Small and Medium Enterprises (WSMEs) in Kenya. The partnership will unlock up to KES 3 billion in financing for over 1000 Women SMEs in Kenya, addressing the significant financing gap faced by women entrepreneurs.

This partnership signifies a major achievement in AGF and KWFT’s dedication to championing WSMEs and fostering inclusive economic development in East Africa. It will economically empower women entrepreneurs, create jobs, and contribute to the development of the region.

Mr. Kariuki Kitabu, KWFT MD, expressed his enthusiasm about the partnership, stating, “This collaboration with AGF marks a significant milestone in our journey towards empowering women entrepreneurs and enhancing financial inclusion in Kenya. We are confident that through this partnership, we will strengthen our operations and better serve our clientele, thereby contributing to women economic empowerment.”

The risk sharing mechanism, will enable KWFT to increase its on-lending activities to WSMEs with a view of promoting enterprise growth in the Kenya. This loan portfolio guarantee will also support expansion of KWFT’s green initiatives that address climate change and contribute to job creation and sustainability, with a focus on driving sustainable inclusion and economic growth.

AGF will additionally provide capacity development assistance to increase KWFT’s ability to recruit and appraise WSMEs, enhance its automation, train staff, as well as implement growth strategies to upscale the Bank’s WSMEs to reach their full potential.

Speaking at the ceremony, AGF Group CEO, Jules Ngankam said, “One of our goals for this partnership is to prioritize capacity building that equips women entrepreneurs with the essential skills and knowledge needed to build sustainable businesses and access market opportunities that will drive Africa’s economic growth and development”.

The partnership is fully backed by the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, which aims to expand AGF’s reach in supporting women-led or owned businesses.

“As the implementing partner of the AFAWA Guarantee for Growth program, we are confident this collaboration will go a long way in enabling us meet our goal of bridging the gender financing gap in Africa. Our partnership with KWFT will support women SMEs by not only unlocking financing but also providing technical assistance which are both two key pillars of the AFAWA program,” added Jules.

With a financing gap of over USD 49 billion impacting women SMEs in Africa, the partnership will address barriers such as limited access to information, collateral requirements, cultural biases, complex business processes, and the disproportionate impact of climate change on WSMEs.