Kenya Women Finance transforms women

KWFT transforms women to next level

The financing sector has taken a new dimension with the launch of the first deposit taking bank by Kenya Women Finance Trust in Kenya.. What away to start the wave of operating a women bank specifically for women with changing, breastfeeding and kids waiting room by taking it to the women in western province at Kakamega branch. One would have thought it was a political rally but the walks of thousands of women who graced the launching came as one with the purpose of defining their own moment and destiny painting the town as a woman moment. At the occasion to witness the moment was Wavinya Ndeti - assistant Minister for youth and sports, Shinyalu MP Kizito, Kakamega town Mayor and County council Vice Chairman- Kakamega among others.

Deputy Prime Minister and Minister for local government Hon. Musalia Mudavadi challenged women to use loans as an effective tool to fight poverty and improve livelihoods and insisted that is where the score card is. Mudavadi who presided the launch of the first ever women bank in Kenya and Africa as chief guest at Bukhungu Stadium in Kakamega said, with micro financing institution like KWFT offering financing through to the rural women it is up to them to gauge and evaluate what level the loans have helped them and use them to well.

“The government recognizes that women make tremendous contribution to our economy. At the core of eradication of poverty in this country, it is the women who advance the agenda. Kenya would be nowhere had the women not prosecuted the millennium development Goals MDG with zeal all the up to the rural with access to money that has degenerated to dependence. Hence money in the hands of people must be for investment that changes their lives for better” said Mudavadi.

The deputy Premier said it is important for Kenya Women Finance to continue promoting women participation in viable businesses by providing sustainable financial and non financial services pointing out the recently launched housing product dubbed Pamba Nyumba that was certain will empower rural women and livelihoods. He noted the effort by Kenya Women Finance of training and exposing women to new ideas and vital knowledge about business and access to markets.

As the pioneer of the KWFT and group CEO Jane Riria took the podium amid applause, congratulated the board for making this historic milestone in Kenya’s microfinance industry and the finance sector at large.

“You have moved this institution to achieve the best results over the years and made Kenya women Micro Finance a leader for others to follow. We celebrate a milestone of 29 years journey when this institution was founded. This has not been an easy journey. We have faced big challenges including lack of recognition as actors in the economy, patriarchy and its limitations, lack of access to investment opportunities and resource to inheritance issues among others. The far we have come as kwft demonstrates that we have overcome many of these challenges.” She said

Over the years KWFT has supported families by offering micro credit to women entrepreneurs as the formal institutions has made it difficult for women to participate fully in the financial sector due to its many conditions. In response, KWFT sought licence from the Central Bank Kenya to allow deposit mobilization and intermediation. As a result, women can now save money with us for themselves and their families as well, she added.

KWFT at a glance

With a national network that has grown geographically with more than 20 outlets across the country, the institution is also recognized as a major financial player in the economy of Kenya and globally. This has fostered ways and means of working with other financial institutions, private sector and government to enhance service to families through women and to improve rural livelihoods. The institutions can now take care of your savings and carry out other banking activities.

Call to Women

According to Riria “its time for women to work with KWFT to ensure that they access all financing that they ever wanted, continue accessing services through the already widely established network. Kenya Women Finance is committed to mission of partnering with women in their creation of wealth. The bank is focusing on the safety of your savings and growth of the KWFT as your institution. We are keen to see growth and sustainability of this institution and look forward to open at least 20 branches within the first year of operation”.

She applauded women of western Kenya as development conscious and urged all to come in large numbers and open accounts, access credit and bring your savings for safe keeping and growth and promised KWFT will support and work with them towards meeting their financial needs hence lead to increased economic activity and wealth creation in the region.

The Managing Director Mr.Mwangi Githaiga noted, the opening of the Kakamega branch deposit taking marks along history of KWFT service to Kenyan families. Since inception 1981, KWFT has been supporting families by offering micro credit to women entrepreneurs. Over the years Kenya Women Finance recognized the clients need for broader financial services in line with the institution mission of partnering with women in their creation of wealth. He traced the journey to transform deposit taking institution as long worthwhile. He gives credit to their customers, other people of goodwill for their understanding, patience and moral support during the time. He also acknowledged the role CBK played in guiding and ensuring successful transformation.

“The CBK licensed us to conduct nationwide deposit taking business on 1^st April 2010. This means in addition to giving micro loans to our clients, we are now in a position to mobilise intermediate savings. These services are open to all Kenyan women of all ages.

The licence also comes with confidence that public money saved with us is safe guarded.

As started in line with our vision to be the financial services provider with a difference it is timely for us to pen this branch to provide all inclusive financial services to our clients. This initiative is in the context of two crucial strategic thinking, by growing need to encourage a saving culture and the development of all inclusive financing for the women and the most vulnerable in our society” he opines.

Products and Services

In addition to the existing loan products that offered, women can now access saving products and services. Some of the products available are Inuka transactional Account for those who need cash regularly, Tegemeo Voluntary Savings for savers who want to see their money grow, Kwft- DTM call Account for short term investment and Tujiunge Group Account for formal and informal women groups who want their savings to be safe and grow. The customers can also transfer cash through their mobile phones to their accounts with us.

Mr Githaiga reiterated that KWFT is not new to the women of western Kenya and with 13 outlets in Busia, Funyula, Butere, Mumias ,Vihiga,Serem, Turbo, Webuye,Malava,Kakamega,Malaba,Kimilili,and Bungoma we in 2009 we lent sh1.5b to more than 40,000 women in the region. This goes way to signify the importance of this region to Kenya Women Finance as an institution and in the next financial year plan to raise the disbursement in the region to 2.1 billion to more than50,000 women.

Development Agenda

As an institution with a social mission, Mr Githaiga said will remain focused on development of this country. “Our major operations have been in lending to women entrepreneurs as well as start- up loans for women youth. We also offer touching lives products in areas of education, health insurances and emergencies. In the area of clean and sustainable energy, we have successfully provided loans for solar systems, electricity and cooking gas in a bid to counter the adverse health effect of wood and kerosene fuels.

In support of the government effort to improve food security, the institution is financing green houses and fish farming through agricultural loans. Some of the consumer products available include water tank loans for improved sanitation” he said.

During the launch the Assistant Minister for gender, children and social development Hon Manyala Keya who played host noted Kenya Women Finance has been supporting families through micro credit in western Kenya and lam aware of the benefits their business have attained from the lending. “I would like to appeal to you to continue with the good gesture of supporting upcoming and on going businesses. This is indeed a historic moment which coincides with the running of regular flights by Fly540 to Kakamega airstrip that are proving to be a big boom to the business community in our region.” Among the key areas to have revamped economically by women in the region are dairy, fish farming, pig rearing, poultry business and request to consider financing them at friendly lending terms” he remarked. He continued by urging women to seize the opportunity and strengthen their business by utilizing such financial institutions that are interested in working in the region.…