Oikocredit, a Body in Association of CTBI, is helping to empower Kenyan women with small loans through partners such as the Kenya Women Microfinance Bank (formerly known as Kenya Women Finance Trust or KWFT). KWFT is a microfinance institution founded in 1981 by a small group of women and provides loans and savings products to more than 500,000 women in Kenya.
A great example of a Kenyan entrepreneur who has benefited from microfinance is Grace Njoroge, who was struggling to sustain and grow her hardware business but was able to establish and grow a new textile business. Over time, Grace was able to increase the size of her individual loan from a maximum of 30,000 Kenyan shillings (roughly €270) when she first joined KWFT, to 3 million shillings (€27,000) today. She recently opened a KWFT agency where KWFT clients can deposit and withdraw money using her premises without having to go to a branch far away.
“When I shifted to textiles, I was alone. I could not even afford a stand for the materials. But today I have five employees, enough shelves for my goods and a nice display. My business has developed gradually and I expect it to grow more”, commented Grace.
“What I liked most when I joined KWFT was their training. They gave us a lot of training in business – how to handle money – and the risks we should try to avoid when it comes to borrowing”, she said.
You can download the whole story of how Oikocredit is empowering Kenyan women with small loans.