Standard Chartered has reinforced its commitment to supporting women in business by launching a business proposition dubbed SC Women International Network (SC WIN). Developed in partnership with Safaricom, Mastercard, KEPSA and Jubilee, the offering includes an end-to-end financial platform with borrowing, saving, investment, insurance options. As a value add, the proposition provides networking opportunities and access to the global market.
SC WIN is founded upon three pillars; scale, connect and belong. It will enable women entrepreneurs to access invoice discounting, capital, insurance and investment solutions, get linked to a global network for better opportunities, and become part of a community of like-minded entrepreneurs.
This proposition further presents a well-structured proposal that will enhance access to capital and remove market barriers that often stifle enterprise growth. It also hinges on a relationship-based model to drive meaningful dialogue and build connections among women entrepreneurs.
SC WIN proposition seeks to remove structural barriers women in the business face regarding credit, supply chain access and capacity building. It will leverage Standard Chartered’s global network and capabilities to remove these bottlenecks. SC WIN is aligned with the bank’s stand to Lift participation by driving economic inclusion for women.
The SC WIN proposition adds to Standard Chartered’s initiatives that provide funding and opportunities for female entrepreneurs like the GOAL programme, SOMO access to finance programme and the Women in Tech programme.
Speaking during the launch, Kariuki Ngari, Chief Executive Officer (CEO) of Standard Chartered Bank Kenya, said,
“At Standard Chartered, we are committed and intentional about supporting women entrepreneurs to succeed. Our progress in this space is reflected in the statistics where we focus on diversity and inclusion in our supplier base. For example, in the first half of 2023, we grew our base of women, youth suppliers from 25 % and 27 %. This is from a 2020 baseline of 17% and aims to close the year above 30%. Our spending with our diverse suppliers was 8% of our total spend in the first half of 2023 from 2% in 2020, and we are working to increase this.
55% of our employees in Kenya are women, while 50% of the Executive Management team are women. Our gender parity on the Board has also improved from 23 % in 2019 to 45 %. Our target is to get to 50%.”
Edith Chumba, Head of Consumer Private and Business Banking at Standard Chartered Kenya & E, Comments on this. A said,
“Over the past few years, Standard Chartered has channelled funds towards equipping women entrepreneurs to better participate in and compete in a dynamic business environment. Our offering is based on insights from women entrepreneurs highlighting the structural gaps for women in business on access to credit lines, market linkages and business growth models. SC WIN responds to these needs by providing accessible solutions such as invoice discounting, financing, trade, forex and digital. We are providing a collaborative end-to-end business ecosystem that will help women in business thrive in the local and global markets. We hope that this proposition encourages more women entrepreneurs to explore new business opportunities and plug into the global business market.’’
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While delivering her remarks, Wambui Njoora, the CEO of Extra Dimensions LTD, said;
We are grateful to Standard Chartered, Safaricom, KEPSA, and Mastercard for listening to women entrepreneurs and co-creating a proposition that solves our unique challenges. We have so many opportunities that we often fail to take advantage of due to challenges such as access to finance, lack of access to information or skill set. With SC WIN, many women will be supported and connected to a broader network where they can learn and take advantage of these opportunities.”
Global Head of Business Banking – Xie Wen, while speaking about how Standard Chartered is accelerating women-led business across its network, said;
“We also recognise that women in business still have strained access to credit, information and business networks which is why we have designed the SC WIN proposition specifically for women. We took time to co-create this synergised proposition in partnership with various stakeholders and regions in Africa, Asia and the Middle East. We considered women entrepreneurs’ unique needs and opportunities and incorporated critical elements for sustained business growth. We are pleased with what we have managed to achieve with our partners, and we thank everyone who has walked this journey with us.’’ She added:
“We understand that entrepreneurship is a key source of employment and real income for women, making it a core engine for economic inclusion. We are therefore using our global network and digitisation to make it easier for businesses to access wider markets as we must remove any structural barriers so our local women-owned businesses can effectively participate in the global business ecosystem.”
SC WIN includes capital, investment and protection solutions, all of which are customized for optimal benefit. This includes trade solutions, targeted insurance covers, and foreign currency mutual fund investment options. SC WIN entrepreneurs will have access to free bespoke training packages and mentorship, dedicated relationship managers and access to the Bank’s global banking network across Asia, the Middle East and Africa.
