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KWFT HOSTS ENAT BANK – ETHIOPIA FOR BENCHMARKING AND STUDY TOUR

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.

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AFRICAN GUARANTEE FUND (AGF) AND KWFT STRENGTHEN WOMEN ENTREPRENEURS’ ACCESS TO FINANCE IN KENYA

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.

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KWFT HOSTS WATER.ORG EXECUTIVE TEAM

On March 5th 2024, KWFT welcomed the executive team of Water.org to KWFT Centre, Upperhill. The occasion saw the Water.org team paying a courtesy call to the KWFT Managing Director and engaging in a series of visits to witness firsthand the fruits of their collaboration.

 

The  water.org executive team comprised of Gary White (CEO & Co-founder), Jay SchwartzCoffey (Chief Financial Officer), Janet Tinsley (Chief Global Impact Officer), Griselda Santos( Regional Director, Southeast Asia), Francis Musinguzi (Regional Director, Africa) , Collins Owiti (Senior Partnership Accounts Manager) and  Jamilla Kang’ahi Rajabu (Senior Partnership Account Manager). The team met the KWFT MD, Mwangi Githaiga and senior leadership management of KWFT.

 

For more than 10 years, Water.org and KWFT have joined forces to address one of Kenya’s most pressing challenges: access to safe, affordable, and accessible water. This enduring partnership has transformed the lives of countless individuals and communities across the country.

 

The visit commenced with an interactive meeting at the KWFT headquarters, where the Water.org team was presented with the inspiring journey of KWFT’s commitment to financing Kenyan women in accessing water. Through innovative financing solutions, KWFT has empowered women to take control of their lives and uplift their families and communities.

 

The latter part of the visit was a trip to Kandara, Muranga, where the Water.org team met two beneficiaries of the KWFT and Water.org partnership. These women, once burdened by long and arduous journeys to fetch water from distant rivers, now have access to clean water right in their homes.

 

Their story serves as a tender reminder of the challenges faced by many Kenyan families in accessing water and the profound impact that strategic partnerships can have in addressing such issues.

 

KWFT’s dedication to empowering women extends far beyond water access. Through collaborations with visionary partners like Water.org, KWFT has been at the forefront of driving positive change in communities across Kenya.

 

KWFT extends its gratitude to Water.org for their unwavering support and partnership over the years. Together significant strides towards a future where Kenyan access to safe and reliable water has been made possible.

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KWFT’s SUCCESS – SFI CATALYST AWARDS 2023

KWFT is delighted to announce its recognition at the 2023 SFI Catalyst Awards organized by Kenya Bankers Association where the institution is a Member Bank.

 

This was the 7th Edition of the SFI Catalyst Awards by Kenya Bankers Association (KBA) and the event was presided over by Dr. Habil Olaka- CEO Kenya Bankers Association, Tamara Cook- CEO FSD Kenya and Geoffrey Odundo- CEO – Nairobi Securities Exchange. KWFT was represented at the event by Kibet Kipkemoi- Director ICT& Banking Operations and Juliana Wanjiru- GM Marketing, Communications & Innovation.

 

The Catalyst Awards aim at recognizing Financial Institutions that continue to drive a positive impact on the Economy, Society and the Environment through Sustainable Financing Initiatives. Members of the KBA, Non-KBA members, mobile network operators offering financial services and Financial Institutions were eligible to submit entries for the Catalyst Award.

 

The awards were as follows;

 

BEST BANK IN PROMOTING GENDER INCLUSIVITY:

 

KWFT emerged the winner

This category focused on a Firms commitment in promoting gender parity through policy formulation and implementation. Banks were encouraged to showcase their role in encouraging women to be formally included in the financial services sector that included the workplace and marketplace (by developing products geared towards empowering female entrepreneurs).

 

MOST INNOVATIVE BANK CATEGORY:

 

KWFT emerged 2nd position

This category focused on how technology can be leveraged to reach untapped and marginalized market segments. It also focuses on ways firms can innovate and enhance their service delivery as well as, expand a firm’s reach/scale.

 

In this category, KWFT showcased 2 Innovations implemented through Partnerships with Fintechs namely:

 

§ Ibuild that enables KWFT to collect data and report on social impact of KWFTs Home Improvement product offering.

§ Rapidvets as a tool used by the KWFT to connect livestock farmers with qualified veterinary officers for purposes of obtaining livestock valuation reports.

 

 

FINANCING SMALL & MICRO ENTERPRISES CATEGORY:

 

KWFT emerged 3rd position

This category focused on Firms that have contributed to Sustainable Economic Development through financing Small and Medium-sized Enterprises (SMEs). Firms were encouraged to highlight how they have extended credit to SME’s who are in green growth activities.

 

KWFT’s steadfast commitment to gender inclusivity, coupled with innovative financial empowerment and technological integration, has reshaped the narrative as well as established a benchmark in the banking sector.

 

A heartfelt appreciation to the KWFT team as these efforts have undeniably transformed lives of Kenyan families

Categories News

KWFT FEATURED AT AFAWA FINANCE SERIES KENYA

On November 21st, 2023, KWFT Bank had the distinct honor of being invited to the AFAWA Finance series in Kenya, where Mr Mwangi Githaiga served as a keynote speaker on the panel. The AFAWA Finance Series was organized by the African Development Bank (AFDB) in collaboration with the African Guarantee Fund (AGF). The event was held at Safari Park, Kenya.

 

AFAWA’s approach challenges the gender gap in access to finance and liberates women’s entrepreneurial capacity in Africa.The theme of the panel discussion was ‘Bridging the Gender Financial Gap’

 

The event was graced by esteemed guests.The chief guest was Hon. Ann Waiguru (Chair of council of governors). The other guests were Harriet Chiggai (Office of the president’s Advisor on Women’s rights), H.E Gladys Wanga (Homa Bay County Governor), Dr.Chris Kiptoo (Principal Secretary, National Treasury), Hon. Beatrice Elachi(Deputy Chairperson, Kenya Women Parliamentary Association),Dr. Susan Koech (Deputy Governor Central Bank of Kenya) ,Mr. Jules Ngankam (AGF CEO), Dr. Josephine Ngure (AFDB Regional Country manager) .

 

Other panelists sharing the platform were notable leaders, such as Mr. Anuj Mediratta (CEO, Gulf African Bank), Betty Korir (CEO, Credit Bank), Elizabeth Wasunna (Director, Business Banking, Absa Bank Kenya), and Lilian Mramba (Chief Investment Officer, Grassroots Business Fund)

 

Mr. Mwangi Githaiga shared expertise on empowering women economically highlighting its significance in societal development. The discussions covered various topics, including the barriers faced by women in accessing finance, the role of financial institutions in supporting women entrepreneurs, and the necessity for innovative financial products tailored to women’s specific needs.

 

KWFT’s takes pride in being part of such impactful discussions that align with our commitment to fostering inclusive financial practices. This role is a testament to KWFTs position as a key industry player that has set the pace in women’s financial inclusion.