Nairobi News

GeneralHustleMust ReadNewsWhat's Hot

Women Enterprise Fund’s ambitious plan to disburse Sh30 billion

The Women Enterprise Fund (WEF) has announced an audacious strategic plan aimed at transforming the entrepreneurial landscape for women across Kenya.

In a move toward fostering economic empowerment and gender inclusivity, the unveiling of this bold roadmap was marked by a significant declaration: a commitment to empower women entrepreneurs and disburse a substantial Sh30 billion over the next five years.

During a validation workshop held at Sarova Stanley Hotel in Nairobi, Anne Wango’mbe, Principal Secretary of the State Department for Gender and Affirmative Action, highlighted the profound implications of this groundbreaking strategic plan. With esteemed dignitaries, members of parliament, CEOs, and various stakeholders in attendance, the event was a platform to outline the ambitious vision that WEF aims to actualize in the coming years.

“The Women Enterprise Fund stands as a beacon of hope and opportunity for women nationwide. This strategic plan is more than just a document; it symbolizes our unwavering commitment to empower women, stimulate economic growth, and foster a society that is truly inclusive,” stated Anne Wango’mbe.

The core focus of this visionary plan revolves around five strategic pillars. Firstly, there’s a resolute aim to enhance the financial sustainability of the Fund, ensuring its long-term efficacy in supporting women entrepreneurs. Secondly, the plan emphasizes increasing accessibility to loans for women entrepreneurs, bridging the gap between financial resources and ambitious business ventures.

Thirdly, the plan underscores the critical need to enhance financial and entrepreneurial skills among women entrepreneurs. With an eye on the future, initiatives encompass training programs spanning entrepreneurship, financial literacy, digital skills, business management, Access to Government Procurement Opportunities (AGPO), and value addition.

Moreover, the plan endeavors to fortify market access for women entrepreneurs, recognizing it as a crucial component for sustained growth. By facilitating access to markets for over 200,000 women entrepreneurs, the Fund aims to bolster their businesses and widen their reach.

“The scale of our aspirations is matched only by our commitment to realizing them,” emphasized Dr. Jane Lang’at, the Board Chairperson of WEF, during her remarks at the validation workshop.

“This strategic plan represents a pivotal moment for WEF, wherein we are setting our sights higher, with a resolute dedication to empower even more women than ever before.”

Since its inception, WEF has been instrumental in disbursing over Sh27.8 billion to more than Sh2 million women entrepreneurs across the nation. The transition from manual operations to a digital platform earlier in 2023, in line with the government’s digitization initiatives, enabled women to access loans conveniently through *254#, resulting in a disbursal of Sh941 million to 18,955 groups.

This ambitious strategic plan embodies WEF’s aspirations and aligns closely with the nation’s development goals outlined in Kenya Vision 2030 and the Sustainable Development Goals. It signifies a concerted effort to advance the Bottom-up Economic Transformation Agenda, ensuring that women entrepreneurs play a pivotal role in driving economic progress and societal development.