Empowering women through tailored financial services is not just a goal but a proven strategy for unlocking economic potential. Recognising the impact of women-focused programmes in underserved communities, Standard Bank is now expanding its female-centric propositions to two more countries.
Through initiatives like the Dare to Aspire and Dare to Achieve (DADA) programme in Stanbic Kenya, which has led to a 32.66% increase in the number of women securing home loans, Standard Bank’s CEO of Personal and Private Banking, Funeka Montjane, believes that the bank can continue driving meaningful financial inclusion, empowering women to build sustainable futures for themselves and their communities.
“We’ve disbursed over Ksh 36 billion through DADA in Kenya, supporting more than 1,000 women in their journey to homeownership. Over a third of our female clients there have moved beyond transactional banking, opening business accounts and securing finance to grow their ventures,” says Montjane.
Many female-owned businesses supported by DADA have transitioned from subsistence to job-creating enterprises, with their turnovers rising by up to 47%.
Another programme that has driven strong results for female-owned businesses is Stanbic Zambia’s Anakazi – an initiative focusing on access to finance, education, and networking. With 11 Anakazi incubation hubs across Zambia, the programme has improved financial literacy for over 10,000 women and girls. This has led to better credit profiles, a 5% increase in customers, 10% growth in loan disbursements, and an 11% rise in deposits for Stanbic Zambia.
Building on the success of DADA and Anakazi, Standard Bank will expand its women-focused initiatives to Ghana and Lesotho in 2025, with a broader proposition to improve access to financing, savings, investment. These programmes will also offer non-financial benefits for female entrepreneurs and professionals, marking the next phase in Standard Bank’s commitment to driving financial inclusion and economic empowerment for women across Africa.
“The need is much greater than we initially realised,” says Montjane “Just months after launching our DADA programme, the African Development Bank reported a $42 billion financing gap for women in Africa. We had to expand these programmes to more countries.”
Learning from Kenya and Zambia’s successes
Montjane adds that Standard Bank wanted to use DADA to gain deeper insights into challenges facing women in Kenya and Zambia so that it could apply lessons to other countries with similar contexts.
Currently, 37% of Stanbic Kenya’s Personal and Private Banking clients have joined DADA, gaining access to personal, business, and investment banking solutions. Industries supported include housing, supply chain, and manufacturing. In 2023, Stanbic Kenya pledged to increase procurement spend to marginalised groups to 15% by 2025. In partnership with the IFC, the bank has trained over 2,000 women in procurement readiness to help meet this target. More than 50 000 women have been trained in various capacities to support the growth of their businesses.
“To further drive financial inclusion, we have joined the Financial Alliance for Women, a global network helping banks develop tailored value propositions that unlock the potential of the female economy. We aim to launch more women-centric services across the continent” adds Montjane.
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