Earlier this year, the remodeled Women Enterprise Fund, the President reminded the Kenyan women that they could now borrow as easily as tapping a button, when the loan service went digital. The Women Enterprise Fund is a lending agency funded by the government under the Ministry of Public Service, Gender and Affirmative Action. The agency gives easily accessible lending to women led groups of 10 or more women, allowing them to engage in their economic activities with minimal delay.
The President has promised to have the fund Sharia compliant to give the fund more diversity. Giving more women financial muscle to boost their credit while giving them more loan products with shorter repayment terms will empower more women economically.
The fund also embraced digital lending which members can access by simply clicking *254#. This easy accessibility allows for members to request for loans without a waiting period, which means women in need of funds don’t have to encounter the bureaucracies of commercial lenders.
Digital lending also allows for members to make timely payment as one can do as easily as possible. The groups are able to grow their credit faster which means more women are empowered daily. Timely payments boost both credit score and give these groups more financial boosts by climbing the ladder of higher loan limits.
Funds such as Women Enterprise Fund are targeted at grassroots organizations of women, the exact groups the President’s BETA Agenda seeks to empower. In communities where women are empowered financially, economic development is evident. Women’s accessibility to funding protects not just their interests but those of their surrounding community. Kenya is a country built on social integration and unity, which women are the foundation of.
Allowing women the room to improve themselves financially is a recipe for the growth and success of a community, economically and socially.
The WEF also gives financial literacy and management lessons to these women led organization, to ensure their investment and businesses are made of informed choices. This provides them with the knowledge to manage their business and investments correctly, minimizing the risks of failure and bankruptcy and financial ruin.
The President and his government has promised to endeavor to continue empowering women as they are the center of the BETA and the transformative plans for the country. H.E President Ruto has continued women to be brave to take up the spaces for financial and economic growth in their communities.