Absa Bank Kenya has partnered with Pan African impact investment platform- Melanin Kapital,to launch an investor readiness programme for startups.
The initiative places startups driving social impact on the path to accessing up to Sh3 million in unsecured lending.
Dubbed Tuungane2x to See Her Empowered, it is expected to reach 1,000 women-focused startups and enhance financial inclusion by providing them with financial training, investment-readiness capacity building, structured mentorship, structured networking, and access to finance.
The partnership leverages Absa Bank’s expertise as a holistic financial services institution and Melanin Kapital’s knowledge in the field of impact investment.
This is especially in connecting entrepreneurs to impact investors through providing them with funding partnerships, investor readiness training and mentorship.
Speaking during the launch of the partnership, Absa Bank’s business banking director Elizabeth Wasunna noted that it has been risky for investors and lenders to invest in small-scale businesses, due to various reasons that also curtail their growth.
They include lack of correct structures and documentations, collateral, relevant networks and track record among other challenges, she said.
