Kuramo Capital, an investment management firm, has unveiled an ambitious plan to inject $150.0 million, equivalent to KES 22.4 billion, into enterprises led by women across Kenya and other African nations over the next decade.
This substantial financial commitment is directed through an innovative accelerator platform called the “Moremi Fund,” with the goal of fostering female entrepreneurship and empowerment on the continent. The Moremi Fund encompasses a warehousing and lending facility designed to bridge the financing gap faced by female entrepreneurs, and its inaugural batch of beneficiaries has already been selected.
This diverse group represents a wide range of industries and sectors, highlighting the program’s dedication to inclusivity and diversity. The comprehensive strategy of the Moremi Fund aims to address the funding and knowledge disparities that have historically hindered the sustainable economic and social development of many African nations.
The accelerator program goes beyond providing financial support; it offers a structured curriculum that includes capacity building, technical assistance, and mentorship tailored to the unique needs of women in business. Moreover, the Moremi Fund is strategically positioned to capitalize on the increasing momentum in investing in African businesses.
Sarah Ngamau, the Managing Director of Moremi Fund, emphasized the significance of the initiative, stating that the fastest way to unlock capital for female entrepreneurs and gender-smart businesses at scale is to invest in female-led and gender-diverse fund managers. This visionary approach aims not only to empower individual female entrepreneurs but also to uplift the entire ecosystem by promoting female fund managers.
Kenya has seen similar initiatives in recent times, including the Nia initiative launched by the National Bank of Kenya. This initiative seeks to empower women entrepreneurs through financial support, capacity building, and mentorship to ensure sustainability and growth. Nia offers various financial solutions, such as business loans, asset financing, and overdraft facilities for women-owned businesses.
Other funding initiatives targeting women entrepreneurs in Kenya include the SheTrades Kenya Hub by Absa Bank, which aims to enhance the competitiveness of women traders by closing the existing gap between men and women’s access to formal financial institutions, as well as the Female-Led and Made Enterprises (FLME) by Kenya Commercial Bank (KCB) and Fanikisha by Equity Bank.
