Family Bank has emerged winner of the Access to Funding Award at the 2024 edition of the inaugural Banking on Women Awards for its Queen Banking product offering.
The award recognized Family Bank’s commitment to empowering women entrepreneurs by offering innovative financial solutions tailored to their unique needs. Launched last year, this product offering has seen the Bank onboard over 50,000 women customers.
The Banking on Women Awards promote financial inclusion by highlighting innovative financial products that inspire financial institutions to develop even more innovative offerings and encourage women to explore financial opportunities for greater economic independence.
“This award reflects our unwavering dedication to transforming the financial landscape for women in Kenya. Through our Queen Banking, we aim to provide women with access to financing, growth, and investment opportunities, as well as education and information. We also provide the opportunity for women entrepreneurs to connect with like-minded businesses and individuals to support their success,” said Family Bank Head of Women Banking, Rose Kamene.
Queen Banking is a holistic product that caters for the diverse individual and business needs of women to promote women’s economic empowerment and deepen financial inclusion in Kenya. It is designed to help women entrepreneurs access affordable funding, build their financial resilience, and grow their businesses sustainably.
During the unveiling of the proposition last year, the Bank also set aside a KES 50 billion kitty to cater for the diverse individual and business needs of women to promote women’s economic empowerment and deepen financial inclusion in Kenya. To date, over KES 11 billion of this kitty has been accessed by women to build their financial resilience and grow sustainable businesses.
“This award is a recognition of the untapped potential that women entrepreneurs have to offer. We are incredibly proud of the impact Queen Banking is making in empowering women and look forward to expanding its reach to more women across the country,” she said.
Queen Banking provides access to secured and unsecured loans through Biashara Boost to women to finance working capital and construction of schools with up to 95 percent for school bus financing.
In addition, it also provides unsecured loans for agri-business input loans, trade finance solutions, lifestyle benefits through strategic partnerships, chama savings and investment options as well as tailor-made insurance solutions.
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