Equity Bank Kenya has unveiled a Ksh 2.6 billion ($20m) Risk Sharing Facility aimed at enhancing financial inclusion in 14 marginalized counties.
The initiative targets to empower those living in underserved areas such as refugees and their host communities to ultimately be self-reliant.
Kenya is said to be hosting about 800,000 refugees and asylum-seekers. They in addition to those living in remote areas who face challenges accessing financial services.
To address this, Equity Bank Kenya and the International Finance Corporation have rolled out an initiative to bridge the financial inclusion gap.
Under the deal, the International Finance Corporation will offer a comprehensive advisory services program to enhance Equity Bank Kenya’s micro lending and non-financial services.
The risk sharing facility is expected to increase access to finance for businesses owned and run by refugees in Kenya and those in surrounding host communities.
The program will initially cover marginalized communities in 14 counties with 28 branches.
