Nairobi, Kenya, May 13, 2015 – IFC,
a member of the World Bank Group, today announced an advisory services
agreement with Chase Bank Kenya aimed at increasing access to finance for
small and medium enterprises in Kenya, especially for women entrepreneurs.
IFC will provide advisory services over 15
months to help Chase Bank build its capacity to provide products and services
for the women market. It aims to become the bank of choice for women in
Kenya. This advisory project is linked to an IFC investment of $15 million,
half of which will go to women-owned enterprises.
Women entrepreneurs make significant contributions
to the Kenyan economy, with 48 percent of all businesses in the country
owned by women. Yet, only 7.0 percent of women entrepreneurs in Kenya have
access to formal credit—a major hurdle for women seeking to grow their
businesses, increase production and expand employment
Greta Bull, Manager for the Financial Institutions
Group Advisory Services in Sub-Saharan Africa, Latin America and the Caribbean,
said “Women entrepreneurs are key drivers of economic growth in Kenya,
but remain underserved in terms of access to finance. IFC’s advisory services
will provide the necessary support for Chase Bank to grow its women markets
segment and help women entrepreneurs in Kenya expand their businesses beyond
the micro-enterprise level.”
Chase Bank Kenya, a locally owned bank with
a strong SME segment franchise, set up the first women banking unit in
the Kenya banking sector. Marianne Nyangi, Head of Chase Woman at Chase
Bank Kenya, said “Women customers who fit the criteria will be able to
access affordable lending through Chase Bank, creating opportunities for
business development and income generation for women at all stages of their
IFC will provide advice and training to both
bank staff and customers on credit analysis, gender awareness and sales,
and business management.
*Correction: A previous version of this press
release incorrectly stated the loan amount to be $25 million.
IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. Working with private enterprises in about 100 countries, we use
our capital, expertise, and influence to help eliminate extreme poverty
and boost shared prosperity. In FY14, we provided more than $22 billion
in financing to improve lives in developing countries and tackle the most
urgent challenges of development. For more information, visit www.ifc.org.