By September 13, 2019

Kenyan Women-Led Tech Startups Could Get Sh1 Million Under New Initiative

By September 13, 2019

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Kenyan women-led small and medium business leveraging in technology now have a chance of benefit from a seed funding of Sh 1,000,000 each under a Women in Technology Incubator program initiated by Standard Chartered.

Speaking during the launch of Cohort lll of the Women In Tech Incubator, Stanchart Kenya CEO Kariuki Ngari noted that the bank has set aside Sh 20 Million to support this year’s search for women-led technology startups.

“The Bank will then identify ten start-ups through a rigorous process who will go through a 12-week incubation period with the top five finalists benefiting from a seed funding of KES 1,000,000 each,” added Mr. Kariuki.

Under the Cohort one, two and three, Mr Kariuki says that 4 out of 5 of the companies received funding ranging from USD 50,000 to USD 150,000 which has boosted businesses’ revenue and sales.

“In addition to growing their businesses, some of the companies have been able to form strategic partnerships with multinationals like MasterCard and Uber,” added Kariuki.

Permanent Secretary, Ms Betty Maina, who was also present during the launch said that the program will help identify, grow and bring to the market unique business ideas and change the fortunes of women entrepreneurs and business owners in Kenya.

“This program is well-aligned with the government’s Big Four Agenda with some of these entrepreneurs playing in different sectors like Manufacturing, Food Processing, and Healthcare services,” added Ms Maina.

Following the success of the initiative in Kenya, the bank has now rolled out the program in Pakistan, UAE, and Nigeria with plans to expand to more countries across Africa and Middle East.

Featured Image Courtesy: TheNewTimes

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