Women and young girls in Kenya are viewed to be more vulnerable to most situations in society. This makes them weak and not able to cope with the conditions that may take place in certain areas as compared to men. Women also are known to be well-off individuals who can develop the areas, as a society without women will be hard for survival. This has therefore made different financial institutions provide the women with financial opportunities to develop their areas and business which will benefit them as well as society.
Kenya Women Finance Trust (KWFT) is one of the financial institutions in Kenya which have been in the industry to empower women for the development of society. This is a microfinance bank which is a deposit taking microfinances in the form of loans which is meant for women and young girls in Kenya. It conducts nationwide deposit-taking microfinances in that it gives loans to its clients as well as mobilizes and intermediate savings which is open to all women and young girls in Kenya. This is one of the microfinance institutions which offer the most competitive rates in loans and present various loans with different features to ensure they cover all the expectations of their clients on loans.
The various loans and their respective features presented by Kenya Women Finance Trust include;
Biashara Loans
This is meant to support women with small businesses to access affordable financial services. it aids in the creation of employment and reduction of rural-urban migration. The features of this loan are a flexible security need, monthly loan repayment, flexible loan amount, business skills training, low processing fee, low monthly saving, loans amount from as little as Ksh 10,000 with loan premium insurance cover.
Mwangaza Loans
This enables the medium and big scaled business women to access affordable financial services like loans with low interest rates. The features involved in this loans are flexible securities, access to business skills training, flexible loan amounts, fast processing of loans, monthly loan repayment as well as loans are presented with a minimum amount of Ksh 50,000 to develop strong businesses.
Mwamba Loans
This is accessible by individual entrepreneurs with large scaled businesses to access affordable financial services. it can be advanced to customers to facilitate the acquisition of assets like vehicle and machinery. This loan type presents the loan client with accessibility to individual loans, no group guarantee, flexible loan amounts are given, flexible monthly loan repayment plan, flexible security requirements as well as fast processing of the loans.
Elimu Loans
The clients are presented with loans to ensure that individuals have access to quality education for their families. The clients who have access to this type of loan are presented with some of the best features such as low-interest rates with no hidden charges, cheque draws directly to the institution in question, loans up to Ksh 100,000, free bankers cheques as well as flexible repayment terms. This ensures that the clients are able to access the loans for education which is essential and enable them to repay with good terms.
Emergency Loans
An emergency is inevitable in a certain area and therefore this institution has a clear understanding of that and thereby present their clients with loans in case of adverse or unforeseen events. They project the clients against adverse effects and reinstate their businesses to their normal states. They present the customers with affordable interest rates, flexible repay period, flexible security needs and it covers livestock death, stock loss, fire, and burglary.
Nursing Loans
This loan type extends life enhancement to clients through strategic partnerships. They offer convenient, time-saving and economic solutions to clients. The features of this loan include customized unsecure financing, 110 fully equipped eLearning centers in Kenya as well as examinations and qualification offered by the Nursing Council of Kenya.
Stima Loan
Electricity is one of the essential services that people need for various domestic and industrial purposes as most businesses are based on electricity. This loan, therefore, facilitates electricity connectivity in environmentally friendly ways, thus enhancing public-private strategic partnerships and also creates employment. The features include flexible loan amounts, low processing fees, a flexible security requirements, flexible repayment period and monthly loan repayments.
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A national ID is a must.