Credit Bank PLC, a financial and commercial bank in Kenya, has committed to supporting women business in Africa.
This will be achieved by leveraging 3 billion dollars (Ksh300 billion) from Affirmative Finance Action for Women in Africa (AFAWA) an initiative by the African Development Bank (AFDB) and other multilateral development banks partners. The deal was signed during the 4th Global Gender Summit in Kigali Rwanda.
“Credit Bank PLC aims to give focus to women-led businesses in a bid to enhance gender inclusivity by enabling the growth and development of Women and improving their access to capital for growth and expansion,” said Mrs. Betty Korir chief executive, Credit Bank.
“As Credit Bank we seek to be at the forefront in enabling the growth of women-led enterprises. We anticipate to facilitate this by directing additional financing and leadership programs to women entrepreneurs,” added Korir.
Credit Bank’s support to women-led businesses includes ease of access to capital, networking and mentorship forums, and providing financial solutions tailored to women’s needs.
This is achieved through its Entrepreneur’s Hub, eHub, that provides access to networks that link women entrepreneurs to one another.
AFDB, through its AFAWA, initiative aims to mobilise $3 billion to bridge the financing gap for women on the continent. In October, at the sidelines of the United Nations General Assembly, the institution announced a new accountability index tool to track the level of lending to women in Africa.
The Women’s Financing Index will be important for ensuring women get critical financial help they need.