The State Department for Gender Principal Secretary, Prof. Collette Suda on Tuesday 13th October 2020, presided over the official opening of Women Enterprise Fund consultation and validation of Credit policy and Procedures manual event held at the Kenya Institute of Curriculum Development, Nairobi.
Prof. Suda said it is time to improve the systems and leverage on technology to deliver the products which suits the Fund beneficiaries due to emerging market trends.
She pointed that Women Enterprise Fund is one of the best performing Affirmative Action Fund with a repayment rate of 95%, since its inception in 2007 the Fund has issued loans amounting to Ksh. 19 billion to over 1.8 million beneficiaries.
“The Fund’s impressive performance over the years and as one of the most successful Affirmative Action Initiative in transforming and empowering the lives of women and the society at large has continued to inspire us to review the existing credit policy to align it with the current needs of the beneficiaries,” reiterated Prof. Suda.
The Principal Secretary commended the work of Affirmative Action Fund Boards and management from WEF, Uwezo Fund and NGAAF for their effort in implementing the Government agenda to empower the most vulnerable women, youth and Persons with Disabilities economically.
On her part, WEF Board Chairperson Commissioner Njoki Kahiga said the credit policy is under review to make it better. “We are inviting all the stakeholders to partner and walk with us in this empowerment journey. We are serving women who cannot walk into a formal bank and access credit,” she added.
The WEF Credit policy is undergoing its first review since 2011 to respond to customer needs. The Credit Policy: Introduces new products more aligned to the needs of the modern woman, addresses alignment of the credit department for efficiency, reviews the credit procedures to ensure enhanced repayments thus safe guardian taxpayer’s money and introduces tech-based services.
Among those leaders present at the event were Women Enterprise Fund CEO Eng. Charles Mwirigi, Chairperson NGAAF, Prof. Wanjiku Kabira, and representatives of the National Assembly, Chair Special Funds Hon. Murungi Kathuri.