Women Enterprise Fund refutes claims of financial impropriety

The Women Enterprise Fund CEO Racheal Musyoki and the Chairperson of the Fund’s Advisory Board Jane Lang’at termed the allegations as entirely baseless and misleading. 

The allegations stem from a report by the Auditor General that accused the fund managers of failing to account for millions and inflating expenses.

In a statement on Friday, promised to clear the air on the Auditor General’s accusations before the Parliamentary Special Funds Accounts Committee.

“In line with our commitment to transparency and accountability,  Women Enterprise Fund will appear before the Parliamentary Special Funds Accounts Committee to respond to the Auditor General's queries as part of the public audit procedure. We are dedicated to protecting public funds and ensuring that they benefit the intended recipients women,” reads the statement by the Fund.

The CEO and the Chairperson also defended the Principal Secretary for the State Department for Gender and Affirmative Action, Anne Wang’ombe who was targeted online over the allegations.

“The Fund has been transparent and focused on empowering women across Kenya and operates with the highest standards of accountability, ensuring that resources are utilized effectively to support women's economic empowerment. The Fund being a Semi-Autonomous Government Agency operates autonomously from the State Department for Gender and Affirmative Action. PS Anne Wang'ombe has consistently demonstrated exceptional leadership and dedication in her role as the administrator of the Fund,” reads the statement.

The cyber slur which cited the current report by the Auditor General on the Fund, made unfounded one-sided allegations against the organization which bordered on defamation and character assassination, noted the CEO and the Chair.

They urged members of the public to seek information from credible sources and not be swayed by unfounded claims from malicious sources.

The statement noted that in the financial year under review, the Fund delivered impressive results, despite the transition in its executive leadership, including the appointment of Racheal Musyoki as the new CEO. 

“The Fund’s ability to maintain steady disbursements of Ksh.27.9 billion and recoveries amid leadership changes underscores its strong institutional framework and commitment to its mandate. This stability has reinforced confidence among stakeholders, including government agencies, development partners, and women’s business groups,” read the statement.

They noted, currently, the Fund’s portfolio supports 150,000 women groups and individual entrepreneurs across various sectors, including agriculture, trade, and manufacturing.

“In the last financial year, the WEF disbursed loans to over 18,955 women groups and individual businesses, enabling them to expand operations, create jobs and improve livelihoods. By maintaining a strong portfolio and implementing targeted programs, the Women Enterprise Fund continues to prove its relevance as a key driver of women’s economic empowerment in Kenya,” added the Fund.