Africa Government Fund to Empower 5 Million Women Entrepreneurs

The African Government plans to fund five million women entrepreneurs through the Women Enterprise Fund in order to encourage women entrepreneurs across the country. In addition, as part of its 2023-27 Strategic Plan, the fund hopes to enhance market access for 200,000 women.

Since its inception in 2007, the Women Enterprise Fund has distributed Sh27.8 billion to over two million women. Furthermore, the fund has trained 1.72 million women in entrepreneurship, financial literacy, and value creation.

Dr. Jane Lang'at, chairman of the fund's board, emphasized the fund's dedication to making loans more accessible, improving financial and entrepreneurial skills, and facilitating market access for women entrepreneurs. The fund's purpose is to grant Sh30 billion to help five million new women-led companies get started.

Concerned about repayment difficulties, Dr. Lang'at advised women to actively participate in loan applications and underlined the need of timely repayments. Beyond cash supply, the fund's strategy aims to promote a culture in which payback is considered as a transformational step toward financial development and security.

In March, the Women Enterprise Fund was redesigned to coincide with President William Ruto's initiative to modernize government services. Women may now apply for loans by calling *254# on their phones, with Sh941 million distributed to 18,955 organizations.

The strategy plan focuses on increasing financial inclusion by making loans, training, and mentorship programs more accessible. The effort is in line with the Bottom-up Economic Transformation Agenda, Vision 2030, and the Sustainable Development Goals, with the goal of empowering millions of women entrepreneurs and strengthening their skills in a variety of fields. During a session held at Sarova Stanley in Nairobi, stakeholders recently confirmed the concept.