Kenya Women Microfinance Bank – Banking on Women

Kenya Women Microfinance Bank is a bank that cares deeply about Kenyan women. This microfinance institution believes that empowering a woman means empowering a family. Nothing would be truer than this.

In this article, therefore, we will look at the history of this bank as well as the various loan products it extends to women all over the country.

A trip down to history lane – Kenya Women Microfinance Bank

The Kenya Women Microfinance bank began back in 1981 when a group of professional women came together and established this financial institution. Its worth noting that they established it to offer financial services exclusively for women alone.

Moreover, it is worth remembering that back then this act required them to have great courage and strength. Kenya Women Microfinance bank came to be at a time when having a bank account for a woman was something more like a taboo.

However, this bank has continued to bank on women for decades now while experiencing immense growth. For instance, it started out with only two branches, one at Karatina and another in Kilifi.

Today, this bank is found in 45 counties all over Kenya with more than 245 offices. Moreover, it has more than 2,800 employees in all these offices.

Therefore being a major employer in Kenya as well.

Last year this bank was feted for setting high standards on financial sustainability. It is therefore worth looking at the financial products and services it offers its clients.

Read More: List of Microfinance institutions in Kenya

Loans Offered by Kenya Women Microfinance Bank

There is a wide variety of loans offered by this bank to its customers. These loans include but are not limited to:

  1. Business Loans

If you are a businesswoman who has been looking for financing, KWFT has got your back. This loan product is divided into three:

  • Biashara loan – This loan is for small and medium-sized businesses like a neighborhood supermarket. You can borrow up to KES, 3000,000 with a repayment period of up to 10 years.
  • Mwangaza Loan – If you are a woman running a medium-large business say like running a manufacturing company, this is the affordable loan product to take.
  • Mwamba loan – this loan is for individual women entrepreneurs, say you are a tailor
  • Asset financing loan – regardless of whether you are a new client or an existing one, this loan product is designed to help you acquire a fixed asset. One could purchase a tractor, motorbikes, office equipment among others.

2. Elimu Loan

Elimu loan is an education loan product offered by KWFT to its customers.

Features:

  • School fees costs at all levels of education
  • Loans are drawn directly to the school
  • You can finance your own education as a member of KWFT or you can finance that of your dependant.
  • No security is required as a result, processing this loan is fast

3. Consumer loans

These loan products are not to invest but for the consumer to use to improve their standard of living.

  • Phone loan – A loan extended to customers in order to be able to purchase a mobile phone so that they can take part in mobile banking. This loan is aimed to promote mobile banking.
  • Salary loans – KWFT understands that at times your salary might not be enough. As a result, a salary loan is extended to any customer whose employer has an MOU with KWFT to pay check-offs.

4. Clean and renewable energy loan

Kenya Women Microfinance bank understands the need to invest in clean and renewable energy and to make it accessible to everyday people. Through this loan product, a member can be able to access the following products:

  • Clean energy cooking stoves – A member with this loan will be able to access financing to purchase a clean energy stove.
  • Biogas plant – if you are a dairy farmer and would like to construct a biogas plant on your farm, this loan will help you actualize this desire.
  • Solar Lighting solutions – KWFT understands that in some regions electricity might be a problem. Therefore, it makes available this loan product for individuals to be able to buy solar energy products.
  • Stima loans – If a member would like to install electricity in their homes, then KWFT extends this loan product to them.

5. Water Sanitation and hygiene loans

If you would like to buy a water tank or even pure it a water cleaning equipment, KWFT will make an affordable loan product available for you to carry this out.

6. Kilimo Bora Loans

In addition to all the loans offered above, KWFT understands that most women are working in the agricultural sector. Therefore it has a variety of loans in this sector which include:

  • Dairy Farming Loan
  • Mzinga loan – honey farmers
  • Greenhouse farmers kit
  • Poultry farming loan
  • Agro – dealer financing
  • Aquaculture farming

7. Nyumba smart loan

This is a loan made available to enable members to purchase building materials in order to build a home. It’s important to note that this loan is available for all members to carry out either of the following:

  • Renovate a home
  • Construct a house
  • Finish a house
  • Expand a house

The good news is that one gets a 100% financing of all the cost estimates.

 

 

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