SBM BANK AND CBI PARTNER TO EMPOWER WOMEN IN GLOBAL TRADE

Friday, October 4th, 2024| Nairobi, Kenya: SBM Bank in partnership with Centre for the Promotion of Imports (CBI), a program funded by the Dutch Ministry of Foreign Affairs have announced an initiative that will see women taking up valuable global trading opportunities.

The initiative will focus on Kenyan women entrepreneurs in export value chains, targeting 15 businesses during the initial six-month pilot phase and scaling up significantly in following years. The partnership will see the launch of a series of activities that will aim to enhance women’s access to finance to facilitate their entry and expansion in international markets.

SBM bank Kenya and CBI Netherlands representatives in a joint photo after signing a partnership agreement on supporting women to export globally. The signing was held on 4th October 2024 at SBM Bank Kenya Head Office, Nairobi. (L-R) Beth Muthui, Director, Consumer Banking, SBM Bank Kenya, Bhartesh Shah, SBM Bank Kenya CEO, Janneke Vereijken, CBI Programme Coordinator, Tim Spaans, Senior Policy Officer, Dutch Ministry of Foreign Affairs.

Despite women’s positive loan repayment performance with a delinquency rate of only 2%, they face challenges in accessing the type of financing required to reach the export market. The objective of the partnership is to link medium-sized women-owned or -led SMEs with affordable financing through SBM Bank's financial solutions so they can access the financing required for exports. The collaboration will also train and coach women entrepreneurs on enhanced financial management skills, export readiness, and other requirements for accessing finance, as well as leverage CBI’s deep-rooted market intelligence and connections to open up international opportunities for Kenyan businesses.

It will also provide a platform for women entrepreneurs to directly engage with SBM Bank to bridge the gap in understanding of the needs of women entrepreneurs and of the Bank’s financing requirements. Speaking during the signing event, SBM Bank CEO, Bhartesh Shah, highlighted the importance of this partnership, stating: “At SBM Bank, we believe that empowering women is critical for sustainable economic development. Through this partnership with CBI, we are opening new doors for women entrepreneurs to participate in global trade. We are excited about the positive impact this initiative will create in the coming years.”

The partnership also aligns with SBM Bank’s commitment to the United Nations Sustainable Development Goals (SDGs), particularly Goal 5 on gender Equality and Goal on Decent Work and Economic Growth. As a signatory to the UN Women’s Empowerment Principles, SBM Bank actively promotes gender equality in business and is dedicated to creating an inclusive financial system.

This engagement is one of four pillars of CBI’s Women’s Economic Empowerment project in Kenya, valued at EUR 2 million over 5 years. CBI Programme Coordinator, Ms. Janneke Vereijken remarked, “Women entrepreneurs often face significant challenges in accessing international markets, and we are delighted to partner with SBM Bank to address these challenges. This collaboration will empower women to unlock their full potential in global trade.”

About SBM Bank (Kenya) Limited: SBM Bank Kenya is a leading and trusted financial institution with an international footprint, headquartered in Mauritius and positioned to offer an unprecedented banking experience in Kenya to Retail, SME and Corporate clients.

Following approval by the Central Bank of Kenya, the bank started its operations in Kenya in May 2017 and currently has a branch network of 39 branches countrywide complemented by ATMs, mobile banking, online banking, extensive agency banking services and a 24-hour contact center. SBM Group has a 50-year heritage in Mauritius since establishment in 1973 and SBM Bank Kenya has been existence in Kenya for 7 years.

For media enquiries contact: Lynn Njoroge on lnjoroge@imgkenya.com

About CBI

CBI was established by the Netherlands Ministry of Foreign Affairs established CBI in 1971.  to support the transition towards inclusive and sustainable sectors by stimulating economically, socially and environmentally sustainable trade and production through exports by local SMEs to European and regional markets.

CBI provides support to producers and exporters in establishing a presence on regional and European markets, assists Business Support Organizations in enhancing their capabilities, and serves as an intermediary to connect suppliers with buyers. Since 1971, CBI has worked with over 10,000 SMEs from 70 countries to build sustainable trade relationships with European buyers and with over 250 business support organizations. With 50 years of experience in contributing to local, sustainable economic development through exports, CBI knows how to achieve sustainable, long-term change at the sector level.

For more information, contact: media@rgr-consult.africa  Website: www.cbi.eu