This archive report was first published on 21 December 2021.
On December 21, 2021, Absa Bank Kenya and the German Development Cooperation rolled out a Kshs. 50 million programme to support 1,500 women-owned Micro, Small and Medium Enterprises (MSMEs) affected by the COVID-19 pandemic.
The programme, dubbed SHE Stars, aims to increase the growth and competitiveness of women-led MSMEs by providing business skills training and access to finance.
“Absa Bank is committed to making financial services more accessible and improving financial literacy among women entrepreneurs,” said Elizabeth Wasunna, Absa Bank Business Banking Director.
The programme targets women-led MSMEs in various sectors of the economy, including those that have been negatively affected by the current pandemic.
As part of the programme, the 1,500 SHE Stars will be enrolled in a Technical Business Management Programme facilitated by Yunus Environment Hub under the Absa SHE Business Academy.
The programme will cover cash flow analysis, risk management, income diversification, branding, fundraising, leadership, and people management, and Absa Bank will also provide loan facilities.
The initiative is in line with Absa’s women agenda and commitment to empower over 1 million women entrepreneurs across the country with the necessary financial and non-financial support to scale up and take their businesses to the next level over the next five years.
According to a 2018 report published by the Central Bank of Kenya, there are 517,000 registered women-owned businesses in Kenya, accounting for 33% of all women-owned small and medium enterprises.
As per a separate study conducted by the International Finance Corporation, more than 70% of women-led SMEs in every region are either financially unserved or underserved.
