AECF, Rafiki Microfinance Bank Ltd and CREAW launch the Samawati Fund

Nairobi, Kenya, August 12, 2024 –

AECF (Africa Enterprise Challenge Fund), Rafiki Microfinance Bank Ltd and Centre for Right Education Awareness (CREAW) have today launched the Samawati Fund. Samawati Fund is a component of the Investing in Women in the Blue Economy in Kenya Programme (IIW-BEK) funded by Global Affair Canada (GAC), which focuses on empowering women and women-owned MSMEs in Kenya’s blue economy.  

 The Samawati Fund will provide concessional financing of up to US$15 000 to women-owned micro-enterprises in the Coastal and Lake Victoria Regions of Kenya’s blue economy. It is anchored on principles of financial inclusivity and women’s intersectionality on age, marital status, and persons with disabilities (PWDs). AECF will oversee and manage the overall fund delivery, Rafiki MFB Ltd is the fund manager and leads financial literacy efforts, while CREAW will spearhead mobilization and enterprise development. 

 The main objectives of Samawati Fund include: 

• Enhance financial inclusivity for the women and young women in organized groups operating in Kenya’s Blue Economy sector increasing their access to seed funding.  
• Provide targeted business acumen training to enable them to develop and position their businesses to have more capacity and to access credit.
• Advocate and increase awareness of the business case for investing in women in the Blue Economy in Kenya.
• Provide incentives for sustainable widespread adoption of climate-smart practices in Kenya’s Blue Economy. 

Victoria Sabula, CEO of the AECF, said 

” Addressing the systemic gender inequalities that limit women’s involvement in Kenya’s Blue Economy requires fresh ideas, business models, and technologies. The Samawati Fund is focused on advancing women’s access to capital, technical assistance, and business development resources, ensuring they have equal footing in this crucial sector.” 

 Joseph Njuguna, CEO of Rafiki Microfinance Bank Ltd, said 

“This facility will enable us to significantly enhance the economic empowerment of women in the blue economy, providing them with the necessary tools and support to thrive. At Rafiki Microfinance Bank, we are committed to fostering financial inclusivity and sustainable growth for all our clients”  

Wangechi Wachira, Executive Director of CREAW, said 

“Women’s participation in the blue economy has long been hindered by systemic barriers, including financial and harmful social norms. To address these challenges, it is crucial that we adopt a gender-transformative approach that ensures women in the community can fully benefit from the opportunities within this sector. The Samawati Fund exemplifies this commitment by prioritizing gender equity, inclusion and leaving no one behind. CREAW remains steadfast in its dedication to dismantling gendered barriers and supporting initiatives that empower women in the blue economy.” 

About AECF: AECF is a leading non-profit development organization supporting innovative agribusiness and renewable energy enterprises to reduce rural poverty, promote resilient communities, and create jobs. 

AECF provides patient capital to highly innovative, early-stage, and growing enterprises that are hidden gems poised for greatness but struggle to access funding from traditional financiers. To date, AECF has supported 510 businesses in 26 countries in Sub-Saharan Africa, impacted more than 33 million lives, and created over 35,000 direct jobs. 

About Rafiki Microfinance Bank Ltd:  Rafiki Microfinance Bank, regulated by the Central Bank of Kenya, is the third-largest microfinance institution in Kenya with 19 branches across 11 counties. The bank offers savings, credit, money transfer services, trade finance, forex, and bancassurance services, targeting sectors such as energy, housing, trade, health, education, and agriculture. 

About CREAW: The Centre for Rights Education and Awareness is a national feminist women’s right Non-Governmental Organization. CREAW uses bold, innovative and holistic interventions for the realization of women’s rights. CREAW’s programs have over the years focused on challenging practices that undermine equity, equality and constitutionalism, promoting women’s participation in decision making and deepening the ideology and philosophy of women’s empowerment.