Stanbic Bank Takes Pride in Supporting over 45,000 Women Entrepreneurs and Businesses to Access Funds

Stanbic Bank has announced that it has been able to support over 45,000 women entrepreneurs to access financing through its women banking solution, DADA (Dare to Aspire Dare to Achieve). According to the bank’s data, KES 6.9 billion in lending has been used to support women entrepreneurs.

The bank has additionally provided credit guarantee schemes of over KES 1 billion and over KES 40 million in grant funds. This has been achieved through the Stanbic Bank’s collaboration with the African Guarantee Fund (AGF) and the Government of Kenya.

Speaking at DADA’s 3^rd Anniversary celebrations, Dr Joyce Banda, the 4^th President of the Republic of Malawi, commended Stanbic Bank for investing in women’s economic empowerment as.

“It is a step in the right direction as it contributes towards gender equality, poverty eradication and inclusive economic growth. Women make considerable contribution to economies whether in businesses, on farms, as entrepreneurs or employees,” Banda said.

“It is paramount to continuously support programs which promote women’s ability to secure decent jobs, achieve financial freedom and accumulate assets which are key determinants of growth and development,” the retired president added.

Former Malawian President Dr Joyce Banda said empowering women in improving a country’s economy and Gross Domestic Product (GDP).
Photo: Dr Joyce Banda (Facebook)

On providing grants and catalytic funding, Stanbic Bank is collaborating with Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) and United States African Development Foundation (USADF).

Stanbic Bank’s Chief Executive Officer (CEO) Charles Mudiwa said the bank is currently working in partnership with the Ministry of Industrialization, Trade and Enterprise Development (MoITED) and County Governments to boost entrepreneurship, the employability of citizens through digital literacy and upskilling, career development, and provision of funds (grants) and access to job markets.

Stanbic Bank said it has been providing training and capacity building which have so far benefitted more than 17,000 women. This has mainly been delivered through education and information platforms which cut across different industries as well as networking sessions with like-minded and seasoned entrepreneurs. The bank has also conducted wellness sessions incorporating mental health and cancer screening, with more than 16,000 women receiving free cancer check-ups.