Standard Chartered Bank Kenya is taking an industry-specific approach when it comes to supporting local startups. It focuses on women-led businesses operating in the tech space. During the bank’s 2024 financial results announcement, CEO Kariuki Ngari revealed how the bank is working with startups by balancing risk management with more impactuful support.
Ngari said that startups can be unpredictable and generally have a high risk of failure. This makes it necessary for the bank to be selective in how it supports them. Rather than applying a blanket policy, Standard Chartered evaluates startups based on the industry they operate in and their maturity level. In General, the bank prefers working with startups that are at least one to two years old just to ensure they have some operational track record. These are startups that may have an existing product and they need additional capital to scale.
Supporting Women in Tech
One of the bank’s main initiatives is the Women in Tech program. This program is designed to help women entrepreneurs build and scale businesses that use technology. Last year alone, Standard Chartered Kenya invested Ksh 99 million in the program to provide financial support, mentorship ,and business training.
Ngari said that funding alone is not enough when it comes to helping startups succeed. Many entrepreneurs, especially those who are just starting, need guidance on key business fundamentals. The Women in Tech program offers training that helps participants improve their business strategies and gain the knowledge they need to sustain long-term growth. According to Ngari, many women who go through the program experience a shift in mindset that mindset that improves their chances of succeding.
More Than Just Loans
A common misconception is that banks only support startups through loans. Standard Chartered Kenya is changing this as it offers an all-rounded support system that includes mentorship, training and access to networks. Programs like Women in Tech give entrepreneurs the skills and resources they need to succeed and not just financial assistance.
As Kenya’s tech ecosystem grows, institutions like Standard Chartered are playing an important role in shaping its future.
For startups, especially those led by women, initiatives like Women in Tech provide an opportunity to access not just funding, but also the mentorship and skills required to build sustainable businesses that can scale.
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