IIA-Kenya SMEs to Benefit from new women Centric Financial inclusion Initiative By Stanbic Bank

Women-owned SMEs on the Biashara.Now platform are set to benefit heavily from a new women’s banking initiative  dubbed Dare to Aspire Dare to Achieve (D.A.D.A) by Stanbic Bank in partnership with International Finance Corporation (IFC). The product has set its sights on reducing the financial inclusion gap for women entrepreneurs in Kenya who are the majority owners of Small and Medium Enterprises (SMEs) in the country.

Through the initiative, the bank has set aside Sh20 billion that shall be used to target women with viable business plans in enterprises of all sizes in the formal and informal sectors.

"DADA will address women's needs to borrow, save and the provision of financial information to unleash all entrepreneurial endeavour," Stanbic Holdings director Dorcas Kombo said.

The gender gap stands at nine per cent in the developing world, representing over one billion women who are still excluded in access to financial services.

According to central bank data for 2016, 82 per cent of total savings are by women. The group also contribute more than 70 per cent of household budget.

"Women will be the focal point for collective financial inclusion in the country," IFC country manager Manuel Moses said.

The program comes at a time banks are adopting new lending solutions to SMEs and grow their profits and increase market share.

IIA-Kenya aims to open up the available opportunities on DADA initiaive to the over 250 women owned SMEs on the Biashara.Now platform.