Kenya: IFC partners with Chase Bank to improve access to finance for women
The IFC will provide advisory services over 15 months to Chase Bank.The Internal Finance Corporation (IFC) has announced it signed an advisory services agreement with Chase Bank Kenya aimed at increasing access to finance for small and medium-sized enterprises (SMEs) in Kenya, especially for women entrepreneurs.
It said it will provide advisory services over 15 months to help Chase Bank build its capacity to provide products and services for the female market.
Some advice and training will also be provided to both bank staff and customers on credit analysis, gender awareness and sales, and business management.
This advisory project is linked to an IFC investment of $15 million (13.1 million), half of which will go to women-owned enterprises.
According to figures from the IFC, female entrepreneurs make significant contributions to the Kenyan economy, with 48 per cent of all businesses in the country owned by women. Yet, only seven per cent of women entrepreneurs in Kenya have access to formal credit.