Standard Chartered has demonstrated its dedication to empowering women in the business sphere by introducing a business initiative called SC Women International Network (SC WIN). This comprehensive offering, developed in collaboration with Safaricom, Mastercard, KEPSA, and Jubilee, comprises a complete financial platform encompassing borrowing, saving, investment, and insurance services. In addition to these financial benefits, the proposition also provides valuable networking opportunities and facilitates access to the global market.
SC WIN is built on three core principles: scale, connect, and belong. This innovative program empowers women entrepreneurs by granting them access to invoice discounting, capital, insurance, and investment solutions. Furthermore, it offers a gateway to a global network, creating enhanced opportunities, and fostering a sense of belonging within a community of like-minded entrepreneurs.
This proposition not only offers a well-structured approach to improve capital accessibility but also addresses the market barriers that often hinder enterprise growth. Moreover, it is based on a relationship-focused model, which will play a crucial role in fostering meaningful dialogues and building connections among women entrepreneurs.
SC WIN proposition seeks to remove structural barriers women in business face with regard to credit, supply chain access and capacity building. It will leverage on Standard Chartered’s global network and capabilities to remove these bottlenecks. SC WIN is aligned to the bank’s stands to Lift participation by driving economic inclusion for women.
The SC WIN proposition is an addition to the Standard Chartered’s initiatives that provide funding and access to opportunities for female entrepreneurs like the GOAL programme, SOMO access to finance programme and the Women in Tech programme.
Speaking during the launch, Kariuki Ngari, Chief Executive Officer (CEO) Standard Chartered Bank Kenya said,
“At Standard Chartered, we are committed and intentional about supporting women entrepreneurs succeed. Our progress in this space is reflected in the statistics where we focus on diversity and inclusion in our supplier base. For example, in the first half of 2023, we grew our base of women, youth suppliers from 25 % and 27 %. This is from a 2020 baseline of 17% and aim to close the year above 30%. Our spend with our diverse suppliers was 8% of our total spend in the first half of 2023 from 2% in 2020 and we are working to increase this.
55% of our employees in Kenya are women, while 50% of the Executive Management team are women. Our gender parity on the Board has also improved from 23 % in 2019 to 45 %. Our target is to get to 50%.”
Commenting on this, Edith Chumba, Head, Consumer Private and Business Banking at Standard Chartered Kenya & E. A said,
“Over the past few years, Standard Chartered has channeled funds towards equipping women entrepreneurs to better participate in and compete in a dynamic business environment. Our offering is based on insights from women entrepreneurs highlighting the structural gaps that exist for women in business on access to credit lines, market linkages and business growth models. SC WIN responds to these needs by providing accessible solutions such as invoice discounting, financing, trade, forex and digital. We are providing a collaborative end-to-end business ecosystem that will help women in business thrive in the local and global markets. We hope that this proposition encourages more women entrepreneurs to explore new business opportunities and plug into the global business market.’’
While delivering her remarks, Wambui Njoora the CEO, Extra Dimensions LTD said;
We are grateful for Standard Chartered, Safaricom, KEPSA, Mastercard for listening to women entrepreneurs and co-creating a proposition that solves our unique challenges. We have so many opportunities that we often fail to take advantage of due to challenges such as access to finance, lack of access to information or skill set. With SC WIN, many women will be supported and connected to a wider network where they can learn and take advantage of these opportunities.”
Global Head, Business Banking – Xie Wen while speaking about how Standard Chartered is accelerating women-led business across its network said;
“We also recognise that women in business still have strained access to credit, information and business networks which is why we have designed the SC WIN proposition specifically for women. We took time to co-create this synergised proposition in partnership with various stakeholders and regions in Africa, Asia and the Middle East. We considered the unique needs, opportunities for women entrepreneurs and incorporated critical elements for sustained business growth. We are pleased with what we have managed to achieve with our partners, and we thank everyone who has walked this journey with us.’’
She added: “We understand that entrepreneurship is a key source of employment and real income for women, making it a core engine for economic inclusion. We are therefore using our global network and digitisation to make it easier for businesses to access wider markets as it is imperative that we remove any structural barriers so our local women owned businesses can effectively participate in the global business ecosystem.”
SC WIN includes capital, investment and protection solutions all of which are customized for optimal benefit. This includes trade solutions, targeted insurance covers as well as foreign currency mutual fund investment options, among others. SC WIN entrepreneurs will have access to free bespoke training packages and mentorship, dedicated relationship managers and access to the Bank’s global banking network across Asia, Middle East and Africa.