HEVA Fund unveils Ksh.647M investment to offer loans to Kenyan creatives

The local creative and cultural industries have received a significant boost with the official launch of a groundbreaking $5 million (approx. Ksh.647 million) investment by HEVA Fund.

This first-of-its-kind initiative is designed to offer tailored financial solutions to creatives, reinforcing HEVA’s long-standing commitment to fostering sustainable growth, innovation, and financial inclusion in the sector.

The investment, dubbed ‘Ota Kopa & Ota Kopa Plus,’ is being rolled out in collaboration with four financial service providers (FSPs) and two aggregator platforms.

The goal is to finance over 7,000 young women and men engaged in the creative sector.

The initiative will support businesses operating within three key creative value chains: Fashion, Garments, and Accessories; Film, Television, Content Creation, Gaming, and Audio-Visual; Live Music, Theatre, and Performing Arts.

Eligible creatives span a wide spectrum, including content creators, photographers, filmmakers, musicians, make-up artists, game developers, fashion designers, and many more.

Announcing the partnership, HEVA’s Managing Partner, Wakiuru Njuguna, stated: “We are delighted to enter into these partnerships with Longitude Capital, Tenakata Ltd, Kenya Bankers Sacco, Lipa Later Ltd, Shop Zetu, and Wowzi to disburse a total of $5 million (approximately Ksh.647 million) to individuals and enterprises in the cultural and creative industries.”

“The goal of these partnerships is to expand the pool of capital available to the sector and ensure access to affordable, responsive financial products, as well as business advisory services. The creative industry-tailored Ota Kopa and Ota Kopa Plus loans position us to reach more creatives, empowering them to unlock their potential and achieve three key objectives: strengthening the country’s creative and cultural sector, generating new, dignified, and fulfilling employment opportunities, and bridging the financial gap for creative businesses.”

A deliberate and inclusive approach has been implemented, with a target of ensuring 70% of the 7,000 beneficiaries are young women, 10% are refugees, and 5% are people with disabilities.

Eligible applicants can access funding of up to Ksh.999,999 under Ota Kopa and between Ksh.1 million and Ksh.4,999,999 under Ota Kopa Plus.

Despite the sector’s immense potential as a key economic driver, export earner, and job creator, financing remains a major challenge, limiting creatives’ access to essential tools, media, and technology.

Speaking on behalf of the FSPs, Michael Monari of Longitude Capital remarked, “We know from experience that there is a tremendous need for financial support in the Creative and Cultural Industries (CCI) and are up to the task to provide the support that the creatives in our country require.”

“We recognize that there will be challenges including reaching those in remote areas, but we are committed to restoring the dignity of the sector. Our goal is to challenge the biases and myths about the sector and create new narratives. Consequently, through this initiative, we aim to demonstrate that the sector can provide profitable, fulfilling, and dignified livelihoods for hundreds of thousands of people.”