Standard Chartered Unveils KES 20 Million Fund to Upgrade Women-Owned SMEs

Standard Chartered has set aside KES 20 million for capacity building for women-owned small and medium enterprises.

Under the initiative dubbed Women In Tech Incubator, the Bank in partnership with iLab Africa, will identify five start-ups which will be mentored over a period of one year.

According to Standard Chartered Bank Regional Chief Executive for Africa and Middle East, Sunil Kaushal held responsible the growing gender digital divide on socio-economic practices which he said have resulted in women lagging behind in training and eventually starved off financial opportunities.

“We are optimistic that the Women In Tech Incubator program will change the fortunes of women entrepreneurs and business owners in Kenya. It will help identify, grow and bring to the market unique business ideas, while at the same time celebrating women in Kenya,” said Kaushal.

Women In Tech

The Women In Tech incubator program is targeting women entrepreneurs and business owners in Kenya who want to or are using technology to grow their business but lack the requisite support.

  • Upon application, shortlisted entrepreneurs will be invited to pitch to a panel of judges who will select top 10 contestants with most compelling ideas or projects.
  • The 10 contestants will go through a 10 week Incubation period where they will have a chance to work on their projects and make them come to life.
  • The judges will then select five winners out of the 10, who will receive KES 1 Million  to help grow their businesses.

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