Douglas Mwiti 
Family Bank CEO Rebecca Mbithi, African Guarantee Fund Group CEO Jules Ngankam, Nominated Senator for Nairobi County Tabitha Mutinda, Githunguri MP Hon. Gathoni Wamuchomba and The Bank’s Board Director Mary Mburu during the unveiling of Queen Banking, an exclusive woman banking proposition where the Bank has set aside KES 50 billion to drive financial inclusion for the next two years.
- Family Bank Sets aside KES 50 Billion Kitty as it Rolls out an exlusive Women Banking Proposition to Drive Financial Inclusion;
Family Bank has unveiled an exclusive woman banking proposition dubbed ‘Queen Banking’ and set aside KES 50 billion kitty for the next 2 years to cater for the diverse individual and business needs of women to promote women’s economic empowerment and deepen financial inclusion in Kenya.
According to the Economics Kenya Labour Force Report 2022, women form 49.7 per cent of Kenya’s total labour force, makeup 50.3 per cent of Kenya’s total population and 40 per cent of micro and formal SMEs are owned by women.McKinsey Global Institute report 2015 finds that USD 12 trillion could be added to the global GDP if you add women to economic empowerment and narrow the gender gap.
“We are proud of the partnership we have fostered with Family Bank since 2015, and today’s launch of their new women banking proposition is supported by our capacity development initiative under the Affirmative Finance Action for Women in Africa (AFAWA) program.
Our commitment is to continue working with them to develop transformational financial products and services for SMEs who are indeed the backbone of our economies and the major drivers of job creation,” said African Guarantee Fund Group CEO Jules Ngankam.
Queen Banking will cater to the needs of three types of women, namely the Woman in Business, the Professional Woman and the Chama Woman.The product is exclusive to businesses with at least 51 per cent of the shares controlled by women or 100 per cent owned by women, businesses where women constitute more than 30 per cent of the board or more than 25 per cent of senior management or businesses that have products or services specifically geared to benefit women.
Speaking during the launch of Queen Banking, Family Bank Chief Executive Officer Rebecca Mbithi stated, “This is a timely product for the Kenyan market as we are seeing that women are starting businesses twice the rate of our male counterparts, yet their economic potential remains underserved.As a Bank, we are making a deliberate effort to serve the women-owned and women-led businesses that form over 40 per cent of our client base.”
“By increasing on-ward lending to women, we are not only impacting their businesses, but also families, communities, societies and the nation.We are able to do these through strategic partnerships such as with the African Guarantee Fund)(AGF).
We recognise that the Kenyan woman needs access to financing, growth and investment opportunities as well as education and information, networking with like-minded businesses and individuals, recognition and reward and this is what we will be able to offer through Queen Banking,” added Ms Mbithi.
Through Queen Banking, women can now access up to KES 7 million secured and unsecured loans through Biashara Boost, unsecured lending of up to KES 2.5 million to finance women doing piped water business supporting the community, unsecured lending of up to KES 10 million for working capital and construction of schools with up to 95 per cent for school bus financing, unsecured loan of up to KES 2 million for agri-business input loans, trade finance solutions, lifestyle benefits through strategic partnerships, Chama savings and investment options as well as bundled insurance solutions.
In attendance at the event were United Nations Director of Information Services Sandra Macharia, Nominated Senator for Nairobi County Tabitha Mutinda, Githunguri Member of Parliament Hon.Gathoni Wamuchomba, Nyandarua Member of Parliament Faith Gitau, Kenya Investment Authority Chairperson Sally Mahihu,Kenya National Chamber of Commerce & Industry (KNCCI) Women in Business Nairobi Chapter Nancy Muthoni, New Faces New Voices Chair Caroline Armstrong-Ogwapit,Women on Board Networks Catherine Musakali, Lukenya University Deputy Vice-Chancellor Mutheu Kasanga,Brookhurst International Schools Director Dr. Ruth Waweru, Media Personality Victoria Rubadiri, Musician Wahu Kagwi among other women in business leaders.
