In March this year, Absa Bank Kenya launched the Absa She Business Account to offer financial and non-financial solutions designed to accelerate business growth for women entrepreneurs.
The Absa She Business Account is targeted at women in business, particularly those in the Small and Medium Enterprises (SMEs) segment of the economy. It is built on 4 main pillars which are Access to Finance, Access to Market, Access to Information and Access to Mentorship and Coaching.
Under Access to Finance pillar, women entrepreneurs have access to unsecured lending of up to Ksh. 10 million, payable over 5 years for existing borrowers, and Ksh. 7 million for new borrowers payable in 4 years. A grace period of up to 60 days will be granted on a case by case basis.
In addition, the proposition offers mentorship and coaching, business advisory and online training to women business owners. This training is aimed at equipping them with critical financial and non-financial best practice skills useful in taking their business to the next.
Absa is partnering with various institutions including the International Trade Centre (ITC), KNCCI, KAM, Development Finance Institutions, corporate customers, among other institutions, to scale the impact of both financial and non-financial interventions. Through these partnerships, Absa She Business Account offers online Workshops and seminars that address gaps in business, management and leadership skills, wealth management among others.
This proposition also provides insurance cover for all insurable business risks as well as medical and motor insurance at competitive rates.
Last year, Absa announced a Ksh. 10 billion credit to women-owned small and medium enterprises as well as partnered with the International Trade Centre to enable women businesses participate in the global export/import trade. Today more than 8,500 women have benefited from this program.
