Family Bank has been recognized with the Access to Funding Award at the inaugural Banking on Women Awards for its innovative Queen Banking product, which supports women entrepreneurs across Kenya. This accolade comes just a year after the product’s launch and highlights the bank’s commitment to promoting financial inclusion for women.
Queen Banking was introduced to address the unique financial needs of women entrepreneurs. Since its launch, the initiative has successfully onboarded over 50,000 women customers, providing them with tailored financial solutions aimed at fostering economic independence.
The Banking on Women Awards are designed to spotlight financial institutions that create impactful products for women, encouraging broader participation in economic opportunities. Family Bank’s Head of Women Banking, Rose Kamene, expressed pride in receiving the award, stating, “This award reflects our unwavering dedication to transforming the financial landscape for women in Kenya.”
Queen Banking is a comprehensive offering that provides access to affordable financing options, aimed at helping women build financial resilience and sustainably grow their businesses. In its initial rollout, the bank allocated KES 50 billion specifically for women’s financial needs. To date, more than KES 11 billion has been accessed by women entrepreneurs for various projects, including working capital and business expansion.
The product features both secured and unsecured loan options, including the Biashara Boost program, which facilitates funding for operational costs and the construction of educational facilities. Queen Banking also provides loans for agri-business inputs, trade finance solutions, and lifestyle benefits through strategic partnerships, as well as tailor-made insurance solutions and investment opportunities through chama savings groups.
Kamene emphasized the potential of women entrepreneurs in the Kenyan economy, stating, “We are incredibly proud of the impact Queen Banking is making in empowering women and look forward to expanding its reach to more women across the country.”
As Family Bank continues to innovate and expand its offerings, the recognition from the Banking on Women Awards serves as a testament to the importance of inclusive financial solutions that can significantly enhance women’s roles in the economy.