LYFE
No Result
View All Result
Sunday, March 26, 2023
  • Featured
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • TV
    • Games
  • Technology
  • Travel
  • Food & Drink
  • Op-Eds
LYFE
  • Featured
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • TV
    • Games
  • Technology
  • Travel
  • Food & Drink
  • Op-Eds
No Result
View All Result
LYFE
No Result
View All Result

Hand In Hand Entrepreneur Training Programme Boosts Women’s Financial Resilience In Nairobi’s Informal Settlements

admin by admin
10 March 2023
in Business
0
Hand In Hand Entrepreneur Training Programme Boosts Women’s Financial Resilience In Nairobi’s Informal Settlements
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedinShare on WhatsAppShare on Telegram

Hand in Hand’s Kenya Micro-Enterprise Success (KMES) programme funded by Visa has resulted in participating entrepreneurs increasing their incomes by an average USD $156 (Approximately KES 20,000) per month. The project, which was launched in 2020, targeted existing small business owners as well as first-time entrepreneurs living below the poverty line.

The three-year programme provided 8,200 first-time entrepreneurs, 80% of whom were women, with the core business training needed to start their own micro enterprises. It also offered advanced training to 1,600 participants, including 1,280 women, who already owned and operated small businesses.

You might also like

Why digital remittance platforms have become popular with Kenyans abroad

Sacco Dividends Inject Over Kes 30 Billion in March: Demystifying Misconceptions About Sacco Businesses in Kenya

Suzuki XL6 lands into the country courtesy of CFAO Motors

Despite kicking off just before the onset of the Coronavirus pandemic, which brought with it countrywide lockdowns, reduced movement and fewer physical interactions, the programme achieved significant success.

“At a time when businesses across the country were closing in record numbers our members were able to reduce their costs, expand into new markets and take their businesses online,” said Albert Wambugu Hand in Hand Eastern Africa CEO. “Additionally, this project gave our members a path to digital financial inclusion, with a majority of entrepreneurs being able to access useful and affordable financial products and services that meet their needs, thus reducing poverty, unleashing their potential and boosting prosperity.”

More than 80% of the members reported improved financial management skills with both first-time and existing entrepreneurs indicating that they were more financially resilient. This played a crucial role in helping participants weather the economic effects of the Covid-19 pandemic and 90% of them reported that they were able to withstand the financial shocks without having to sell an asset or getting into debt.

“We are proud of the outcomes delivered through Visa’s partnership with Hand in Hand. Not only did we surpass the number of targeted beneficiaries, but we have seen the immediate impact on their businesses. We will continue to seek out partnerships and opportunities that reach the traditionally underserved, providing them with access to resources that can help improve their economic livelihoods, businesses and communities”, said Eva Ngigi-Sarwari, Country Manager, Visa Kenya.

Moving their businesses online also played a key part in the entrepreneurs’ success as they began to market their products on social and digital platforms during the pandemic. The number of businesses accepting mobile payments rose from 38% to 81% while the programme created 5,178 jobs against an initial target of 2,766. First-time entrepreneurs also increased their profitability by an average of 15%, while existing small businesses owners boosted their profits by an average of 95%.

“Thanks to this project with Visa, these women have been able to confound expectations and succeed as entrepreneurs, even during a global pandemic. As a result of the training, they have been able to expand their businesses and lift their families out of poverty for good. What’s more, many of them are now employers, creating much-needed jobs in their communities”, said Dorothea Arndt, Hand in Hand International CEO.

All programme members also received business and financial training, with existing small business owners being given additional mentoring and support to help them scale up their businesses. This included training in social media and digital marketing to help them link up with larger markets and access to credit.

Tags: Visa
Previous Post

KCB Group awarded for its SME & Sustainable Initiatives

Next Post

SPOTIFY WELCOMES CREATORS AND ARTISTS “HOME” AT STREAM ON 2023

admin

admin

Related Posts

Why digital remittance platforms have become popular with Kenyans abroad
Business

Why digital remittance platforms have become popular with Kenyans abroad

by admin
22 March 2023
Sacco Dividends Inject Over Kes 30 Billion in March: Demystifying Misconceptions About Sacco Businesses in Kenya
Business

Sacco Dividends Inject Over Kes 30 Billion in March: Demystifying Misconceptions About Sacco Businesses in Kenya

by admin
17 March 2023
Suzuki XL6
Business

Suzuki XL6 lands into the country courtesy of CFAO Motors

by admin
17 March 2023
NBK Posts KShs. 828 million in Net Profit for FY 2022
Business

NBK Posts KShs. 828 million in Net Profit for FY 2022

by admin
17 March 2023
Stanbic Kenya Foundation And German Cooperation Partner To Boost Resilience Of MSMEs In Uasin Gishu
Business

Stanbic Kenya Foundation And German Cooperation Partner To Boost Resilience Of MSMEs In Uasin Gishu

by admin
17 March 2023
Next Post
How to delete your Spotify account

SPOTIFY WELCOMES CREATORS AND ARTISTS "HOME" AT STREAM ON 2023

Recommended

Australia and New Zealand host cities unite to mark One Year To Go until Women’s World Cup 2023™

Australia and New Zealand host cities unite to mark One Year To Go until Women’s World Cup 2023™

20 July 2022
Samuel Kariuki - Mi Vida Homes CEO

Mi Vida pioneering sustainable design through green building

19 September 2022

Categories

  • Business
  • Celebrities
  • Entertainment
  • Fashion
  • Featured
  • Food
  • Food & Drink
  • Games
  • Health
  • Lifestyle
  • Movies
  • Music
  • Op-Eds
  • Politics
  • Sports
  • Technology
  • Travel
  • TV
  • Uncategorized
  • World

Don't miss it

CNN’s #Myfreedomday Calls On Students Around The World To “Know The Signs” Of Modern-Day Slavery
Movies

CNN’s #Myfreedomday Calls On Students Around The World To “Know The Signs” Of Modern-Day Slavery

22 March 2023
Why digital remittance platforms have become popular with Kenyans abroad
Business

Why digital remittance platforms have become popular with Kenyans abroad

22 March 2023
Samsung Electronics East Africa Unveils Galaxy S23 Series
Technology

Samsung Electronics Nightography Delivers ‘Epic Night Shots’

22 March 2023
Kenya’s Trailblazer Role in Harnessing Technology For Financial Inclusion
Op-Eds

Kenya’s Trailblazer Role in Harnessing Technology For Financial Inclusion

22 March 2023
Fintech is a path to democratised financial services
Op-Eds

Fintech is a path to democratised financial services

22 March 2023
Xplico Insurance Kenya: A Game Changer in the Insurance Industry
Featured

Domestic Insurance Package Solutions to Help You Bounce Back

21 March 2023
LYFE

LyfeKE

Top Trends and Lifestyle Stories

© 2022 Lyfe

No Result
View All Result
  • Featured
  • Entertainment
    • Celebrities
    • Movies
    • Music
    • TV
    • Games
  • Technology
  • Travel
  • Food & Drink
  • Op-Eds

© 2022 Lyfe