KENYA – Citibank N.A Kenya has established a Supply Chain Finance Programme in support of women-owned businesses In Kenya.

The bank’s Chief Executive Officer, and East Africa Cluster Head, Martin Mugambi made the remarks during the institution’s Women in Leadership and Business Conference.

“We have programs of supporting women-owned businesses, in particular, Small and Medium Enterprises (SMEs). We have the Citi Supply Chain Finance Programme which provides financing to the value chain of our multi-national clients,” said Mugambi.

Under the program, the institution provides the women-owned businesses with working capital to enable them to conduct business with corporate clients.

“Not only do we provide them with financing to ensure they are empowered to do business, but we have held sessions for specific customers for this supply chain finance program. We identify these women early and get them to become part of our procurement process here in the bank so that as we procure services, we are also targeting women-owned businesses. We are trying to increase this number to 40percent of our supply chain,” Mugambi added.

“We have programs of supporting women-owned businesses, in particular, Small and Medium Enterprises. We have the Citi Supply Chain Finance Programme which provides financing to the value chain of our multi-national clients”

Martin Mugambi – CEO, Citi Bank & East Africa Cluster Head

He reiterated that the bank had concluded a US$2.74 million Inclusive Finance financing facility  under a smart partnership with 4G Capital, which is set to support 25,000 Small and Medium Enterprises (SMEs) in Kenya.

Mugambi said the bank is overlaying technology with a smart partnership alongside 4G Capital, a leading financial technology company that does data-driven last-mile lending to micro retailers and SMEs.

“Through this smart partnership and the capital, we have extended, we will be able to support 25,000 entities, and for us, that is a specific outcome which is measurable and that we are going to scale up smart partnership,” he added.

In 2020, Citi supported US$289 million in social/inclusive finance debt transactions to fund businesses and microfinance institutions, enabling them to issue more than 415,000 new loans to women globally.

At the same time, the CEO indicated that the bank takes gender agenda seriously in terms of promoting women in order to drive inclusion.

“In Citi, there is no bigger statement than celebrating our new Citigroup Global CEO Jane Fraser who started on March 1st, 2021.

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