The project

Summary

Kenya Women Microfinance Bank (KWFT), is a regulated financial institution based in Kenya, that provides financial and banking services to a majority of Women clients based in rural and urban areas of the republic of Kenya in order to elevate their economic and social welfare to global standards.

Founded in 1981, Kenya Women Microfinance Bank Ltd (KWFT) started as a microfinance company providing financial services to underserved households to lift them out of poverty. In 2010, it obtained a license as a deposit-taking institution and became a fully-fledged microfinance bank regulated by the Central Bank of Kenya under the Microfinance Act (2008). Over the years, KWFT has grown to be one of Kenya’s most successful microfinance institutions with the broadest network of any MFI and deep penetration into the country’s rural and urban areas.

The Company has a unique niche in the financial services sector. It focuses on serving women who have historically had less access to financial services despite being better-quality borrowers. As such, its products are uniquely positioned to meet the needs of women and their families, thus contributing to poverty reduction and financial empowerment.

With over 800,000 clients, the Company has the most extensive network of any microfinance bank (MFB) in the Country. It maintains 229 offices spread across 45 of the 47 Counties. The broad network is crucial in origination and client relationship management. In addition to its branch network, the Company has an agency banking model with around 115 agents that help ensure deeper penetration into remote, rural, and poor urban areas. The Company also has a mobile banking system that provides convenience to over 200,000 customers.

The Company offers a wide range of credit and savings products:

Credit Loan Products:

Business loans to groups and individuals, agribusiness Loans, clean energy loans, Water and Sanitation Products, education Loan, housing loans and digital loan products.

Savings Products;

Group savings Account, Children’s Savings Account, Voluntary Savings Account, Transactional Account, Fixed Deposit Account  and Call Deposit Accounts

Banking services:

Banking services which include money transfer, cheque clearing, custody, mobile banking and forex trading.

Product delivery methods include the Grameen Group lending methodology, direct delivery of water, sanitation and clean energy products to the client’s door, through partnerships with distributors and manufacturers. Digital/Phone access of loans and savings through the Mobile phone among others.

Mission

To partner with Kenyan women in their creation of wealth

Vision

To be the women Financial Solutions provider with a difference.

Use of Proceeds / Loan purpose

The funds will be used to finance Women microenterprises to improve their businesses and thereby generate incomes to improve their economic and social wellbeing. The funding will be channelled through solidarity groups formed by the Women that self-guarantee the funds. It is projected that the Euro 200,000 will be accessed by 650 women clients, with an average loan size of Euro 300. The loans take a maximum duration of 2 years. The businesses funded are in trade, services and farming.