Underserved women in Amagoro to benefit from low interest loans

The Kenya National Chamber of Commerce and Industry–Busia chapter has partnered with Stanbic Bank–Busia Branch to break barriers that lock women out of formal finance.

KNCCI Busia chairman Sylvanus Abungu said the initiative will benefit at least 1,000 underserved women in Amagoro Division, Teso North sub-county, under the Dada Mashinani programme by Stanbic Bank Kenya, Busia Branch.

He said the same initiative is aimed at equipping women with financial knowledge and unlocking access to low-interest credit facilities to venture into businesses where they have a comparative advantage.

Through the partnership, women will access loans ranging from Sh5,000 to Sh50,000 at an interest rate of two per cent.

“If you borrow, you must repay. Before the end of May 2026, we aim to recruit 20,000 women across the county to access these loans and become economically empowered,” Abungu said.

He spoke during an empowerment and financial literacy forum at the ACK Guest House in Amagoro on Wednesday.

Dada Mashinani is an inclusive platform by Stanbic Bank Kenya that offers financial and non-financial services to support women entrepreneurs.

Launched in 2024, the programme seeks to reach five million underserved women over seven years through data-enabled credit scoring models designed to address collateral challenges which have historically excluded women from formal lending.

Beyond loans, the programme provides financial literacy training, networking opportunities, savings and wealth management solutions, and wellness initiatives to support women’s holistic growth.

Abungu said KNCCI Busia branch has built partnerships globally in the last five years under his stewardship.

“We have supported more than 35,000 people to venture into business, trained them, and enabled them to access affordable collateral-free loans as start-up capital,” he said.

Abungu emphasised the need for visionary leadership and structured engagement with residents.

“Those seeking elective positions should engage stakeholders, opinion leaders, and the business community in structured forums to outline their development agenda instead of merely attending social events. That is what Busia county needs,” he said.

Abungu said economic growth in the Lake Region counties can be achieved through public-private partnerships, government-to-government funding, and donor funding.

He urged Busia leaders to embrace government-to-government collaborations to attract large-scale projects, citing the need for additional Special Economic Zones in Malaba and Port Victoria to boost trade and the fisheries sector.