This is the Financial Intermediary Partners Channel.
The Fund currently has 16 financial intermediaries spread across the 47 counties. These institutions have the technical capacity to do financial intermediation beyond credit. Women clients require savings, money transfer, financial advisory services and micro insurance products that WEF does not offer.
This loan is called Jiimarishe Loan and has the following features:
- The loan is given to individual women, Self Help Groups or companies owned by women.
- Affordable rate of interest at 8% per annum on reducing balance.
- Repayment period is MAXIMUM of 36 months.
- Maximum amount per borrower is Kshs.2,000,000 repayable in 3 years. Flexible security – differs depending on Financial Intermediary.
As an incubator Fund, it is important that women get acquainted to such formal players, because once they outgrow the subsidized loans, they will play the open market league. That is the ultimate goal of this noble Government’s intervention – nurture women from exclusion to inclusion in the formal sector.