Empowering Women Entrepreneurs in Western Kenya: Absa Bank Kenya’s Innovative Training Initiative
Absa Bank Kenya, in collaboration with the Executive Office of the President of Kenya and the Africa Guarantee Fund (AGF), has launched a transformative program aimed at bolstering the economic prowess of women entrepreneurs in the Western region.
The Empower Her County Program is set to provide invaluable training and resources to at least 30,000 women-led micro, small, and medium-sized enterprises (MSMEs) across Kakamega, Bungoma, and Vihiga counties.
This groundbreaking initiative aims to dismantle gender-based barriers and equip women entrepreneurs with the necessary tools to navigate and thrive in the modern business landscape.
By offering comprehensive business management training, the program seeks to foster resilience and growth among these enterprises, which are pivotal to the region’s economic vitality.
Addressing Economic Challenges and Promoting Resilience
At the core of the Empower Her County Program is a robust curriculum that includes the ‘Start and Improve Your Business’ (SIYB) module, an internationally recognized business management training developed by the International Labour Organization (ILO).
This curriculum encompasses vital areas such as business registration, taxation, marketing, savings and investment, budgeting and financial planning, bookkeeping, digitization of businesses, market linkages beyond counties, and cross-border training.
Hon. Harriette Chiggai, the President’s Women Rights Advisor, emphasized the importance of this initiative during the launch event at Masinde Muliro University, stating, “The launch of the Empower Her County Programme demonstrates the urgent need to support women-led MSMEs.
By partnering with private-sector entities, we can reach women at the grassroots level, fulfilling His Excellency the President’s commitment to every Kenyan woman and girl.”
Empowering Women to Drive Economic Growth
Elizabeth Wasunna-Ochwa, Absa Bank’s Business Banking Director, highlighted the broader impact of closing the gender gap through economic empowerment. “When more women are empowered to create wealth, economies grow.
This program aligns with our corporate purpose of empowering Africa’s tomorrow together, one story at a time. Our goal is to empower over one million women entrepreneurs by 2025 by providing them with access to market information, coaching, mentorship, and business networks, as well as the capital needed to scale their businesses.”
The significance of this initiative is underscored by statistics from a 2018 International Labour Organisation report, which reveals that nearly 60% of women’s employment globally is in the informal economy, with the figure rising to over 90% in low-income countries. In Kenya, women constitute over 60% of the rural population, where poverty levels remain high.
The Kenya National Bureau of Statistics’ 2020 Women’s Empowerment Index further indicates a stark contrast in empowerment rates between urban and rural women, underscoring the need for targeted support at the county level.
A Vision for Nationwide Empowerment
The financial literacy program is poised to be rolled out across all 47 counties in Kenya, aiming to boost economic participation and entrepreneurship among 70% of women. It also seeks to enhance financial literacy and management skills for 90% of women, increasing their knowledge and uptake of available government and private sector funding.
By equipping women with the tools to succeed, this program not only enhances their economic status but also contributes significantly to the broader economic development of the region.