Women running businesses across Kenya are expected to benefit from easier access to credit and business support following the expansion of the Fanikisha banking programme by Equity Bank.
The Fanikisha banking Programme targets women entrepreneurs and offers loans as well as non-financial support such as training, mentorship and business networks.
Under the initiative, the bank has introduced different financing tiers depending on the stage of a business. These include Shaba for start-ups, Dhahabu for micro businesses, Almasi for small and medium enterprises, and Platini for larger corporate clients.
The rollout comes as the country marks International Women’s Day, with renewed focus on improving access to opportunities for women in business.
According to the bank, more than Ksh565.6 billion has already been given out to women-led enterprises across the country since the programme started in 2007. The initiative was launched through a partnership between Equity and the United Nations Development Programme.
The upgraded package also includes other benefits. These include health insurance for women and their families starting from Ksh5,800 per year, entrepreneurship training, and opportunities to explore regional and international markets through trade missions organised by the bank. Women in the programme can also access unsecured bid bonds of up to Ksh10 million processed within an hour.
Some beneficiaries say the programme has helped them grow their businesses.
Priscah Wambui, a businesswoman in Ukunda, Kwale County, said she turned to the programme after struggling to get affordable credit to expand her short-stay apartment business in Diani.
“Luckily for me, the bank gave me my first loan of Ksh50,000 after I had banked with them for a short time and built a good credit record,” she said.
Wambui said she later joined the Fanikisha banking Programme after asking for a financial solution that could grow with her business.
She explained that after losing her job, she started a short-stay apartment business and has since expanded into the construction sector around Ukunda town.
“For me, the support and training we receive has really helped. I’m also in groups of women where we borrow together, and it has helped many of us grow our businesses,” she added.
Another entrepreneur, Anastacia Mghoi, said she started with a small roadside kiosk in Ukunda but has since grown into a major fast-moving consumer goods distributor in the Coast region.
She now operates 11 trucks and several warehouses.
“Even when we faced setbacks like demolitions and break-ins, the bank continued supporting us with overdrafts and business training under the Fanikisha programme,” she said.
Mghoi started with two employees but now employs more than 30 people across her distribution centres.
Meanwhile, Susan Nduku, who runs a curio shop targeting tourists near Shimba Hills and Mwaluganje, said the programme has helped women in her chama grow their businesses.
“Through the training and affordable loans, all 14 members of our group have been able to build homes and improve our businesses,” she said.
Nduku noted that before joining the Fanikisha banking Programme, she struggled to access larger loans because she did not have a strong credit history. She also said many financing options available to small traders do not consider the different needs of women running businesses at various stages.
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