I&M BANK GROUP PIONEERS WOMEN'S FINANCIAL INCLUSION IN KENYA

BY NJOKI KARANJA 

In a groundbreaking move, the I&M Bank Group, under the leadership of Janet Maiyoo, CEO of Galvanising Africa Consult, has embarked on a mission to highlight and enhance the role of women in the financial sector. This initiative comes at a time when global efforts, such as the Beijing Conference since 1995, continue to champion women's empowerment and economic inclusion.

Janet Mawiyoo is a Trustee of the I&M Foundation and the CEO of Galvanizing Africa Consult 

The Beijing Conference, a longstanding advocate for gender equality, has spurred strategic initiatives aimed at promoting women's economic rights and independence. Key focus areas include access to employment, improved working conditions, and empowering women with control over economic resources.

A recent report by the Africa Development Bank emphasized the importance of inclusive financial practices, taking into account factors like income levels, gender, geographic location, and literacy rates. Kenya has made significant strides in this regard, implementing measures to alleviate poverty among women and girls through chama groups and social networks that provide financial support.

One notable impact has been the rise of Chama groups among women and young girls, facilitating financial investments through table banking and revolving funds. This empowerment has not only strengthened women's financial capabilities but also fueled economic growth across the country.

Furthermore, government initiatives such as the Women’s Enterprise Fund and the Uwezo Fund have allocated substantial funds to support women entrepreneurs, as highlighted in the recent budget announcement.

Despite progress in formal financial inclusion, the gender gap in financial access has narrowed, with more Kenyan women gaining access to formal financial services. However, challenges persist as women still rely on informal financing channels regardless of income or education levels.

Reflecting on International Women’s Day, which emphasized the theme of 'Inspire Inclusion,' stakeholders stress the need for collective action to ensure no woman is left behind. The journey towards true financial inclusion requires ongoing commitment, innovation, and dismantling of remaining barriers.

By prioritizing education, skills development, and technological access, I&M Bank Group and other stakeholders are paving the way for women to thrive in an inclusive financial sector, unlocking opportunities for progress and contribution.