Credit Bank launches women-targeted banking product; ElevateHer
Credit Bank PLC, an SME based Bank in Kenya, has launched a women-based product dubbed ElevateHer.
ElevateHer is a transformative program designed to unlock the potential of women entrepreneurs in Kenya.
The program aims to equip women with business skills, offer them mentoring, expose them to networks, provide them with access to capital and equip them with the tools they need to succeed.
Speaking at the Launch the CEO of Credit Bank Betty Korir, affirmed that Women entrepreneurs through the elevateHER proposition truly have something that will boost their businesses, mitigate against business and household risks, have access to information both for their business and overall welfare.
“….one of the main hurdle to access formal financing for most women is the required documentation right from business registration, PIN among others that are now accessed digitally-through e-citizen. Our digital literacy program is aimed at addressing this hurdle, specifically equipping them with the required skills to access services digitally” Mrs. Korir Said
The digital literacy will literacy program will also make it easier for digital and remote onboarding for women entrepreneurs, making access to finance much easier.
Credit Bank will support over 10,000 women to develop their business management skills through access to a micro-learning portal. The Bank also aims to provide business management and financial literacy training to 500 women entrepreneurs using a bespoke blended learning approach. This will give women the knowledge, skills, and tools they need to gain better access to finance and move their business to the next level of growth.
The institution will provide intensive business support to 100 of the 500 women entrepreneurs through tailored business advisory sessions, advanced business workshops, mentoring, networking and links to financial services, investment, and markets.
Speaking at the event, the CAS State Department of Gender commended Credit Bank’s initiative noting that the Elevate Her Products would go a long way in empowering women SMEs in the country.
“Supporting women is critical for the survival of mankind. The contribution of women to the country’s GDP is enormous. If the banks can come in and train women SMEs then it would be very good because they would be able can make better investment choices”
The ElevateHer program will target SMEs who meet the criteria of Women-owned business with an ambition for growth. The business should be hitting revenues of KES. 1 million-plus with an employee base of between 5-30 employees and have been able to build an innovative product within the agribusiness, energy, manufacturing and healthcare.
The program will include Bespoke Bootcamps, mentor matching that the bank will Match the entrepreneurs with our pool of expert mentors for ongoing advice as well as an expert in residence that will see Select entrepreneurs have experts visit their premises for one week one on one business support.