IFC Report Highlights Women Entrepreneurs’ Struggle with Getting Deals from Corporations
A report published by the International Finance Corporation (IFC) today highlights the barriers that women-owned businesses in Kenya face when it comes to securing deals with large companies. The report themed, Sourcing2Equal Kenya: Barriers and Approaches to Increase Access to Markets for Women-Owned Businesses, recommends ways banks and major corporations can improve their support for women-owned businesses in the country.
Researchers interviewed 14 Kenyan corporations and discovered that women-owned firms receive just 3% of their overall procurement budget and that women entrepreneurs are primarily found in low-value industries like catering, printing, and cleaning.
As a way out, the IFC urges corporations to partner with financial institutions to increase the access of women-led businesses to working capital, implement supplier development initiatives, increase outreach to women-owned businesses, and advertise tender opportunities on digital platforms.
Amena Arif, IFC’s Country Manager for Kenya, said “For large companies, there is a business case for contracting with women-owned small and medium enterprises. A diversified supplier base is key to reducing the risk of supply chain disruptions and procurement costs.”
The IFC has also launched the Sourcing2Equal Kenya Programme, which aims to promote gender-inclusive sourcing in the private sector and expand women’s access to procurement contracts.
The initiative will support ten corporations in boosting their sourcing from women-owned businesses and enhance the capacity of 1,300 women-led small enterprises to become procurement ready.
Some other corporations that have joined the programme are Unilever, KenGen, Safaricom, Bidco, Stanbic Bank, Absa Bank, Line Plast Group, and Tropikal Brands.
How Google’s Gemini is Pioneering the Future of Generative AI
In a groundbreaking move, Google unveiled its new generative AI model, Gemini, on Wednesda…
