Standard Chartered stakes $50,000 for women

By BUUMBA CHIMBULUSTANDARD Chartered Bank has committed US$50, 000 of seed funding for Zambian entrepreneurs who deal with technology, says Chief Executive Officer, Herman Kasekende.This is under a programme launched yesterday dubbed ‘SC Women in Tech (WiT)’ which will support Zambian women entrepreneurs to grow their businesses through harnessing the power of technology.During the first year of the programme, Standard Chartered has committed US$50, 000 of seed funding.Mr Kasekende explained that five winners would receive US$10, 000 each to scale-up their business.According to Mr Kasekende, the bank has partnered with BongoHive Zambia to implement the programme while bank staff would get involved in mentoring, coaching and building the capacity of the five finalists.Commerce, Trade and Industry Minister, Christopher Yaluma urged other corporate institutions to emulate the bank’s innovative approach to SME support and to women in particular.He reiterated Government’s support to women-led businesses in Zambia.Standard Chartered Bank Africa and Middle East head of corporate affairs, brand and marketing, Olga Arara-Kimani, said Women in Tech is Africa’s leading women in technology incubator, aligning with calls for more diversity in technology.Launched in 2014 in the Americas, Standard Chartered Bank WiT is now operating in Kenya, Nigeria, Pakistan, the United Arab Emirates and Bahrain.Between 2014 and 2019, more than 470 women went through the programme in five countries.Bongohive Zambia Co-founder, Lukonga Lindunda, said key objective of the programme was to help women entrepreneurs who want to leveraging technology but lack the necessary support.