Policy experts and financial leaders in Nairobi have called on female entrepreneurs to take advantage of new reforms designed to make their businesses more bankable. Hon. Harriet Chiggai, Kenya’s Presidential Advisor on Women’s Rights, stressed the importance of these changes during a keynote speech at a women’s empowerment event. The forum was organised by Equity Bank to showcase Fanikisha, a specialist banking solution that offers support to businesswomen at various stages of growth.
During her address, Hon. Chiggai explained that the state cannot achieve total empowerment without help from the private sector. She praised Equity Bank for providing both affordable loans and non-financial assistance. “Partnership between the government and the private sector in empowering women and enabling them to thrive in business is of utmost importance. It requires a coordinated effort to de-risk investment, expand access to capital, and unlock opportunities for women-led enterprises to grow and scale. The government has taken deliberate and sustained steps on matters of policy, and we laud Equity for leading the private sector in complementing government efforts in empowering women in business,” said Hon. Chiggai.
The advisor also reminded attendees of the Access to Government Procurement Opportunities (AGPO) scheme. This legal framework ensures that 30% of all government tenders are set aside for women, youth, and persons with disabilities. This allows smaller firms to compete without being overshadowed by major corporations.
Equity Bank Kenya Managing Director, Moses Nyabanda, confirmed that the bank is ready to provide more than just credit. The Fanikisha programme, which launched in 2007 with the UNDP, is divided into categories ranging from start-ups to corporate clients. “Through this initiative, Equity intends to walk with women in business at every stage of their journey. We need more feedback to keep improving, as we have done with the enhanced Fanikisha offering. We are ready to walk with you as you expand beyond Kenya. We have had multiple trade missions, taking entrepreneurs to frontier markets,” said Nyabanda.
He also highlighted a USD 500 million partnership with the African Guarantee Fund intended to help those who lack assets for collateral. Nyabanda noted that this initiative should eventually unlock USD 1 billion in credit and support 50,000 jobs. Additionally, Head of Women & Youth Banking Silpah Owich noted that the package includes health insurance and unsecured bid bonds. To date, the initiative has disbursed KSh 565.6 billion. The event concluded with a graduation for women who completed financial literacy training, covering topics such as debt management and investment education.
