Commenting during the announcement, Kariuki Ngari Chief Executive Officer, Standard Chartered Bank, said, “through our Women in Tech incubation program – now in its fourth cohort, we learned that the biggest impediment of most women-led businesses was access to financial products and services.”
“Growing a business from its inception is critical especially for women in enabling poverty alleviation and helping build better livelihoods for their families and the society at large. By making it easier for women to access financial aid, we are giving them opportunities for success,” Kariuki added.
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Most Women-led enterprises are unsuccessful in securing finance as a result of high collateral requirements and failure by lenders to understand their business opportunity. The initiative will provide entrepreneurs access to interest-free and collateral-free loans. Additionally, the bank has lined up training and engagement sessions with the WiTs to drive banking behavi