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By Eunice WAWUDA
SBM Bank Kenya has reaffirmed its commitment to championing women’s socio-economic empowerment in the country, as it looks to create an inclusive and enabling financial ecosystem for female entrepreneurs.
The Bank launched the Smart Biz lab program in partnership with Tactive Consulting which aims to empower women entrepreneurs to scale their businesses.
The program consists of immersive training and coaching sessions which will equip the women entrepreneurs with financial literacy, business acumen and management skills that will enable them increase efficiency, manage cash flow and quality which will drive profitability in their businesses.
This initiative is in fulfilment of a pledge made by the Board Chairperson, Shakilla Jhungeer, during the International Women’s Day celebration on 7th March, on undertaking training for 500 women entrepreneurs in the Small and Medium Enterprises (SMEs) space, to enable them run profitable enterprises.
Commenting on the initiative, the newly appointed SBM Bank Kenya Board Chairperson, Shakilla Jhungeer, said that financial empowerment is the cornerstone for enabling women to thrive in an equitable business landscape.
“Financial literacy and business management skills are critical enablers for women-led enterprises to thrive. By imparting this knowledge, we are empowering a key segment of our society to unlock their full economic potential,” Shakilla remarked.
She noted that in creating an all-encompassing ecosystem that nurtures female entrepreneurship, the bank is acting in alignment with its overarching sustainability commitments.
“We are glad to partner with organizations such as Tactive Consulting, which shares in our vision of empowering entrepreneurs, particularly women and youth.
As a signatory to the UN Women Empowerment Principles, we at SBM are steadfast in our pursuit of promoting gender equality and creating opportunities that empower women to thrive in business, ultimately contributing to the socio-economic fabric of our nations,” Shakila added.
The pilot training conducted yesterday marks the first engagement in a series of sessions scheduled this year. The bank will collaborate with Tactive Consulting to provide immersive training sessions, followed by coaching engagements that impart business acumen, strategy, and innovation skills to the participating women entrepreneurs.
SBM bank has over the years, partnered with knowledge and market access partners to impact over 15,000 women through capacity building programs.
“Our plan is to initially onboard 20 women-owned SMEs over the course of this training, providing them with actionable knowledge and tools to sustainably grow their ventures,” said Kaye Matereke, Senior partner, Tactive Consulting.
“Beyond the training, we will offer continued mentorship and coaching to ensure these female entrepreneurs can realize their full potential and access new markets, leveraging SBM’s networks and value proposition.”
The program is one of the many initiatives that SBM Bank has undertaken to promote gender equality and financial inclusion.
Last year, the bank, in partnership with the Centre for the Promotion of Imports (CBI), a program funded by the Dutch Ministry of Foreign Affairs, launched a series of activities aimed at enhancing women’s access to finance to facilitate their entry and expansion in international markets.
So far, 15 women have undergone the tailored training on export readiness and are expecting to complete the next phases of the program that will enable them trade globally.