Earlier this year in a survey by IPSOS and BSD Group, Equity Bank was feted for the third time in a row as the most loved bank by Kenyan women. This comes as no surprise since the bank’s efforts and success to empower women are robust and well-documented. Thousands of women have been impacted through Equity’s financial inclusion programs and in this article, we are going to look at a few highlights.
Products and services
Equity has studied the unique needs of women and crafted products and services to address them, with one of the most effective being loans for businesses. Capital is one of the most determining factors in the success or failure of businesses and women face the unique challenge of lack of collateral for loans. Equity comes in with unique answers for this by reducing barriers to borrowing and has since empowered thousands of individuals and women groups to find their footing in entrepreneurship. An example is Fanikisha through which women can access low-cost loans from as low as Ksh.1,000/-
Youth Africa Works
The impact of initiatives such as Young Africa Works which Equity runs in partnership with Mastercard Foundation is evident in the many success stories among women and the youth. Take the case of Ing’airu Leila for instance, a Mombasa-based baker who started her business in 2016. As a perfectionist, Leila has always given her business her best, ensuring she always has fresh, well-decorated cakes. But along the way she needed some nudge and Equity Bank’s Young Africa Works came through for her not only in terms of financial empowerment but also training on financial literacy, business expansion, and diversification. Leila attended all the training faithfully and now she has a flourishing business to show for it.
Training and mentorship
For women and youth to make the best of the support from Equity, they must be equipped with the knowledge, skills, and peer networks required to confidently navigate the complexities of the business world. It is one thing to make money and quite another to know how best to use it for personal and business growth. Training programs equip entrepreneurs with the tools to manage their businesses efficiently while mentorship offers invaluable guidance so they can avoid common pitfalls in business.
Women in leadership
Evidently, Equity’s commitment to gender diversity and inclusion is quite impressive, with robust programs to empower women customers as well as having women in the leadership team. As far as leadership goes, the bank has exceeded the 50% mark in women in management. This is quite a high standard that Equity has set, and it not only empowers women but also reflects on the dedication towards an inclusive work environment. For this, Equity stands out as a role model, demonstrating that gender balance is not only achievable but also beneficial for the success of organizations.
There are many more instances in which Equity stands with women entrepreneurs and these are just a few. Youth and women owned businesses tend to be more vulnerable in the face of economic upheavals and through financial bolstering, mentorship and crisis management training, Equity aims to help them build resilience.