NCBA Bank and the African Guarantee Fund (AGF) have reaffirmed their commitment to empowering women entrepreneurs through a USD 5 million financing initiative under the NCBA AFAWA Women Small and Medium Enterprises (WSMEs) Acceleration Programme.
The commitment was announced during the programme’s final investment pitching event, where 32 women entrepreneurs presented their business expansion plans and funding proposals to an investment panel comprising representatives from NCBA Bank, AGF, Unga Group and the SME Support Centre.
The acceleration programme is part of the Affirmative Finance Action for Women in Africa (AFAWA), a pan-African initiative by the African Development Bank aimed at narrowing the estimated USD 42 billion to USD 49 billion financing gap facing women-owned businesses across Africa.
Addressing barriers to finance
Women-owned enterprises account for approximately 48 per cent of Kenya’s micro, small and medium-sized enterprises (MSMEs), according to the International Finance Corporation (IFC) and the World Bank. Despite their contribution to employment and economic growth, many continue to face limited access to finance, markets and business development services.
The NCBA AFAWA WSMEs Acceleration Programme seeks to bridge these gaps by combining mentorship, business development, coaching, market linkages and access to financing.
Since its launch, the programme has supported 82 women-owned businesses across two cohorts. The current cohort comprises entrepreneurs aged between 38 and 40 years operating in key agricultural value chains, including cereals, horticulture, poultry, coffee, avocados, fish farming, bananas, mushrooms, animal feeds and value-added food processing.
Participants received training to strengthen governance, financial management, business planning and investment readiness before presenting to potential financiers.
The programme aims to unlock USD 5 million in financing for participating businesses, with USD 1.365 million already secured.
Partnership driving inclusive growth
NCBA Group Director of Retail Banking, Dennis Njau, said the programme reflects the bank’s Banking on Belief: Empowering Ambitions strategy, which focuses on supporting entrepreneurs through both financial and non-financial solutions.
He said the initiative goes beyond providing capital by equipping entrepreneurs with the skills, networks and confidence needed to build resilient businesses and create lasting economic impact.
Linda Onyango, Chief Executive Officer of the SME Support Centre, noted that the programme has focused on preparing women entrepreneurs to become investment-ready through practical training in governance, financial management and business strategy.
Meanwhile, Ann Mwangi, representing the African Guarantee Fund, said the initiative is designed to build a pipeline of bankable women-owned enterprises capable of accessing formal financing through NCBA Bank. Read more
Strengthening Kenya’s entrepreneurial ecosystem
The programme brings together the African Guarantee Fund, AFAWA, the SME Support Centre, Unga Group and NCBA Bank, with each partner contributing expertise in risk sharing, business acceleration, mentorship, market access and financing.
According to NCBA, the initiative also supports its Change the Story agenda by addressing both financial and non-financial barriers that continue to limit the growth of women-owned businesses.
The bank said expanding access to inclusive financing and strategic partnerships will help women entrepreneurs build sustainable enterprises, strengthen value chains and contribute to Kenya’s long-term economic development.
