Citibank to Boost Women-Led SMEs with $ 300 Million Loan Facility
NAIROBI, Kenya, March 8 – Citibank NA Kenya has established a supply chain finance program to support women-owned businesses.
The president and CEO of the bank and head of the East Africa cluster, Martin Mugambi, made the remarks during the institution’s Women in Leadership and Business conference.
“We have programs to support women-owned businesses, especially small and medium-sized enterprises (SMEs). We have the Citi supply chain finance program which provides value chain finance to our multinational customers, ”said Mugambi.
As part of the program, the institution provides women-owned businesses with working capital to enable them to do business with corporate clients.
“Not only do we provide them with funding to make sure they are qualified to do business, but we have also organized sessions for specific clients for this supply chain finance program. We identify these women early and bring them into our procurement process here at the bank so that when we buy services we also target women-owned businesses. We are trying to increase that number to 40% of our supply chain, ”Mugambi added.
He reiterated that the bank had entered into an inclusive finance finance facility of Kshs 300 million as part of a smart partnership with 4G Capital, which is expected to support 25,000 small and medium enterprises (SMEs) in Kenya.
Mugambi said the bank is layering the technology with a smart partnership alongside 4G Capital, a leading financial technology company that offers data-driven last mile loans to micro-retailers and SMEs.
“Thanks to this smart partnership and the capital that we have extended, we will be able to support 25,000 entities, and for us this is a specific result that is measurable and that we will intensify the smart partnership”, he added. .
In 2020, Citi supported US $ 289 million (approximately Kshs 31.5 billion) in social / inclusive financial debt transactions to fund businesses and microfinance institutions, enabling them to issue more than 415,000 new loans. to women around the world.
At the same time, the CEO indicated that the bank takes seriously the gender agenda in terms of promoting women in order to foster inclusion. “At Citi, there is no greater statement than to celebrate our new Citigroup Global CEO, Jane Fraser, who started March 1, 2021.
The conference brought together key women in leadership and business from Kenya, Uganda, South Africa and Zambia.
Speakers included Patricia Okelo, Founder, Willart Productions Limited Kenya Kayana, Phyllis Wakiaga, Managing Director, Kenya Association of Manufacturers (KAM) and Floor Overbeeke, National Director of TechnoServe, Kendi Ntwiga -Nderitu – Country Manager Microsoft Kenya, Eva Ngigi- Sarwari , Country Leader Visa and Neeta Narendra – Managing Director Devki Group of Companies.
The fireside chat brought together Madalo Minofu, IFC Resident Representative for Zambia and Malawi, Barbara S. Mulwana, Executive Director of Nice House of Plastics Ltd in Uganda and Philippine Mtikitiki, Vice President of Southern Africa Franchise from GM Coca-Cola.