Equity Bank Fanikisha Solution Expands Credit Access for Women Entrepreneurs
Women business owners in Kenya are set access to inexpensive credit and business assistance through the countrywide rollout of Fanikisha women’s banking solution by Equity Bank Kenya.
This programme targets women, led enterprises with special financial services mentoring training and networking opportunities aimed at supporting female entrepreneurs at various stages of growth.
The expansion is happening as Kenya celebrates International Women’s Day, and it is a continuation of the efforts to increase economic inclusiveness for women.
Scaled financial solutions for women entrepreneurs
The Fanikisha programme offers layered financial services to cater to the requirements of women entrepreneurs at different business levels.
These financial layers are Shaba for startups, Dhahabu for micro businesses, Almasi for small and medium enterprises (SMEs), and Platini for corporate clients.
Since its inception in 2007, the programme has provided over KSh565. 6 billion to women, led businesses across the nation through a joint venture between Equity Bank Kenya and the United Nations Development Programme.
The upgraded package will also give health insurance for women and their families starting from KSh5, 800 annually, offer business education classes, and provide chances to penetrate new markets through networking and other means.
Besides, beneficiaries are empowered with unsecured bid bonds of up to KSh10 million which can be issued within one hour to women bidding for government and private sector tenders.
Women Entrepreneurs Share Their Success Stories
A number of women entrepreneurs in Kwale County and along the entire Coast region attribute their business growth to the programme.
Priscah Wambui, a businesswoman based in Ukunda, said that she enrolled in the programme after experiencing difficulties in accessing affordable credit from other financial institutions
“Luckily for me, the Bank embraced me and gave me my first loan of Ksh50,000 after I had banked with them for a short while and built a credible credit history and credit score. I was onboarded onto Fanikisha after I made it clear that I needed a tailored solution that could grow with me as a woman in business and enable me to access working capital,” said Wambui.
Later on, she joined the Fanikisha programme to get more personalized support. Wambui, who initially started short, stay apartments at Diani, is currently involved in the construction sector around Ukunda town.
Businesses and Jobs Growth
Yet another beneficiary, Anastacia Mghoi from a roadside kiosk venture has risen to become a major fast, moving consumer goods (FMCG) distributor across the Coast region. Her business runs 11 trucks and several warehouses and employs more than 30 workers.
“Despite starting small and facing many challenges, including demolitions that saw our premises knocked down and break-ins that set us back, Equity Bank kept walking with us, offering overdraft facilities, ecosystem banking solutions to our suppliers and financial literacy on savings, investment, responsible borrowing and debt management under the Fanikisha initiative,” said Mghoi
A shopkeeper who sells souvenirs to tourists around Shimba Hills, Susan Nduku, stated that the initiative has also helped women groups in her area. Via Fanikisha, she along with 13 women of their savings and credit group has succeeded in getting cheap loans, enlarging their trade and constructing houses.
This programme focuses on removing the very obstacles that many women business owners face, such as poor credit access, absence of financial education, and the use of financing models that do not take into account the different development stages of women, led enterprises.