KWFT, AGF AND AFTA EMPOWER OVER 1,000 W-MSEs
In May of 2024, KWFT signed a USD 5 million Risk Sharing partnership agreement with African Guarantee Fund in a move to boost financial inclusion for Women-led or owned Small and Medium Enterprises (WSMEs) in Kenya.
The partnership was also to prioritize Business Development Services (BDS) to support women entrepreneurs with the essential skills and knowledge needed to build sustainable businesses and access market opportunities that will drive economic growth and development by empowering them to create jobs and contribute to the overall development.
To accomplish the goals above, KWFT and African Guarantee Fund partnered with the African Financial and Technical Assistance AFTA to empower over 1,000 who are customers of the bank, through transformative training sessions.
The WSMEs were from diverse sectors of the economy, especially trade and agribusiness and selected from the following branches: Mwingi, Kitui, Matuu, Masii, Machakos, Tala, Laare, Eldama Ravine, Nyahururu, Nanyuki, Githunguri, Karatina, Nyeri, Murang’a, Embu, Chuka, Nakuru, Naivasha, Voi, Emali, Wote, Kibwezi, Ruiru and Nairobi.
The training areas were identified by conducting a Training Needs Assessment and thereafter AFTA and the Bank co-created relevant Training Curriculum for the BDS Program. The training sessions that started in Q4 of 2024 were highly interactive, practical and addressed real challenges facing the WMSMEs: Some of the identified challenges included access to finance, limited financial literacy, barriers to market low adoption of technology for efficiency, complexity in regulatory compliance, work-life balance and succession planning.
During the recently concluded financial literacy training, there were noteworthy positive impacts and success stories which revealed how the BDS Program managed to equip the participating women with essential business skills and resources, boosting their managerial skills, confidence, sales, profits, and business longevity.
The trainings were attended by the Bank Senior Management Team led by the Managing Director, Mr. Kariuki Kitabu, who re-affirmed KWFT’s commitment to building resilient, profitable and sustainable women-led businesses for economic empowerment.
By working together with like-minded partners, we can transform the entrepreneurial landscape for women and youth, drive sustainable growth and create inclusive prosperity in Kenya.
