In the wake of sustainability commitments within corporates, we have seen several vows to take part in greening the earth in one way or another. This includes planting trees, supporting women and youth, taking part in recycling activities and overall education on sustainability and climate change. These actions have been spearheaded by leading financial institutions, Telco’s, and the government. These initiatives are not only transforming the lives of women but also contributing significantly to the country’s overall economic development.
Empowering women economically is essential for several reasons. Firstly, it enhances gender equality by providing women with the resources and opportunities they need to participate fully in economic activities. Secondly, women empowerment drives economic growth. Studies have shown that when women earn an income, they invest a larger portion in their families and communities, leading to improved health, education, and overall well-being. Finally, empowering women fosters innovation and entrepreneurship, as women bring unique perspectives and solutions to the table.
One of the primary barriers women entrepreneurs face is access to finance. Recognizing this challenge, several Kenyan banks and financial institutions have developed products tailored specifically for women. Female-led businesses bring diversity of thought, innovation, and economic growth. If men and women participated in entrepreneurship equally, the global economy could see a boost
NCBA for instance, secured a KES 6.7 billion loan from Proparco. This funding is dedicated to providing affordable financing to SME customers, with a particular focus on women and youth funding. By facilitating access to finance, NCBA has enabled SMEs to invest in their growth and sustainability, driving long-term economic development.
Empowering women economically is a win-win for everyone. It enhances gender equality, drives economic growth, and fosters innovation and entrepreneurship. As corporates, financial institutions, and the government continue to support women and women-owned businesses, they are not only transforming lives but also building a more inclusive and prosperous Kenya.
Beyond financial support, NCBA has been providing education and mentorship opportunities to students in Kenya since 2007. An addition to these partnerships is a KSH 11 million fund dedicated to the education of over 100 students, ensuring they have the resources and opportunities needed to succeed academically and beyond. This commitment underscores NCBA’s dedication to nurturing the next generation of leaders and changemakers in Kenya.
In today’s world, empowered women drive economic growth as they invest a significant portion of their income back into their families and communities, leading to improved health, education, and overall well-being. This reinvestment creates a ripple effect, enhancing the quality of life for entire communities.
In light to this, the bank has recently launched a Beauty meets The Bonnet Club in partnership with CFAO Mobility Kenya. This serves as a community outreach program also focus on financial literacy, ensuring women have the knowledge and skills to manage their finances effectively. These initiatives are not just about providing financial support; they are about building a sustainable ecosystem where women can thrive. By integrating sustainability into their operations, corporates are ensuring that their efforts to empower women also contribute to broader environmental and social goals.
By supporting women, we are not only addressing social justice issues but also unlocking substantial economic potential that benefits everyone.
