Entry Instance

HTTP 200 OK
Allow: GET, PUT, PATCH, DELETE, HEAD, OPTIONS
Content-Type: application/json
Vary: Accept

{
    "id": 1565994,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1565994/?format=api",
    "text_counter": 44,
    "type": "speech",
    "speaker_name": "Hon. Hanna Cheptumo",
    "speaker_title": "The Cabinet Secretary for Gender, Culture, the Arts and Heritage",
    "speaker": null,
    "content": "verification, including physical vetting by credit assistants to restore their access to credit without penalization. Four, stakeholder communication. A structured communication and engagement strategy has been initiated to inform groups of their options. There is more sensitization at constituency and county levels on the reinstated manual lending model. Five, policy review. The Fund has documented lessons learnt from digitization and endeavors to strengthen future transitions to safeguard borrower records and institutionalize credit score protection policies moving forward. Mr. Speaker, Sir, Part C of the Question is on what the Ministry is doing to ensure that women entrepreneurs who wish to do business outside of chamas are not discriminated against when it comes to accessing WEF’s loans. The Fund is aware that not all women prefer or are able to operate within the group chama structures and is taking deliberate steps to expand financial inclusion by creating more flexible individualized access products. The following measures are being implemented- One, introduction of individual loan products. The Ministry through the Women Enterprise Fund has developed individual loan products tailored to meet the needs of women entrepreneurs who operate outside group chama models. These products will consider business registration or proof of income instead of group guarantees, scalable limits based on individual payment capacity and customized training and financial literacy support. The products have been approved in the credit policy and will be rolled out progressively in the next financial year subject to availability of funds. Two, policy framework to expand beyond group lending. The credit policy has been reviewed to diversify WEF's lending portfolio beyond the traditional group-based CWES model. This new framework will incorporate hybrid lending structures, including business loans, agricultural loans and asset financing loans. The third intervention in that question is capacity building for individual entrepreneurs. The Fund is expanding its training programmes to cover individual women business owners. This includes modules on business management, record keeping and loan application readiness and transitioning from informal to formal entrepreneurship. On strategic partnership with financial institutions, the WEF is engaging banks, savings and credit organization saccos to co-design individual credit products that are accessible, affordable and scalable for women. This partnership also allows for shared risk and improved loan management infrastructure. Five, on stakeholder consultation and feedback mechanisms, regular public participation forums and stakeholder engagement sessions are being held to understand the evolving needs of women entrepreneurs. Feedback is being used to inform the development of inclusive products. The Fund is committed to eliminating structural barriers to credit for all women, whether in groups or as individuals. By broadening its approach and product range, the WEF is transforming into a more inclusive and responsive fund aligned with the diverse realities of Kenyan women entrepreneurs. Mr. Speaker, Sir, I now seek your guidance whether I have answered Question No.050. The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}