DADA is a financial proposition by Stanbic bank that aims at empowering and growing women in Kenya. It’s an initiative that targets formal and informal businesses.
The DADA initiative was official launched on the 24th of June this year. It was dubbed Dare to Aspire Dare to Achieve (DADA).
DADA is a strategy by Stanbic bank to bridge the gender gap in the financial inclusion of women. It focuses on bringing more women into the financial sector.
The DADA women’s initiative is focused on women owned businesses and enterprises especially government procurement businesses. Stanbic’s bank chief executive said, “We will commit Sh1.7 billion which will be available for women suppliers, a deliberate move to increase their tender competitiveness,” This move is set to help women gain more tenders from the government and other institutions. The sh1.7 billion announced increased Stanbic’s Bank procurement spends on women from 3% to 15%.
The DADA initiative will offer Sh 20 billion to SME’s and women entrepreneurs. The funds are set to be distributed under a fixed up interest rate depending on the amount, project and repayment period.
DADA is tailored to help women develop financially from a business and personal perspective. It therefore offers both financial and non-financial solutions for women in business.
DADA offers a number of financial solutions for women which include: Borrowing both short term and long term loans. Saving options that are suited to the life of a business woman. Investment options for creating and preserving wealth. Protection by providing different insurance options e.g. health, life and education insurance.
The DADA initiative also offers a number of non-banking solutions for women which include: Education by making them financially literate and equipping them with business management skills under a deal with international finance corporation (IFC). Inform by providing industrial insights through seminars and forums. Networking opportunities by providing access to markets, SME platforms and idea hubs. Reward and wellness through health clinics and CSR support.
For you to join DADA all you have to do is to open a personal or business bank account with Stanbic Bank and register it under the DADA initiative. After a successful registration you are expected to deposit some funds into the account, (any amount).
The DADA initiative offers loans at an interest rate of 14%. Any woman applying for a DADA loan has to have a minimum turnover of Sh 50,000 within the first month to be eligible for a loan. She also has to offer bank statements from the bank she was banking with prior.
The DADA initiative offers a payback period of 18 months. It has a flexible payment plan that allows women to pay the interest incurred by the loan for the first 3 months. The rest of the 15 months they pay the principal amount plus interest incurred. DADA initiative understands that women go through a lot in making ends meet for their families. In that case they allow women to take a one month off from paying their loans within a year of the loan. The minimum loan amount a woman can borrow is Sh 60,000 and maximum amount is Sh 3 million.
DADA by Stanbic bank takes one month to process a loan request. The loans are available for both groups and individuals.
The Stanbic bank DADA initiative is quite unique as it caters for the salaried and unsalaried women in the community. They are inclusive of all and are in the business of making women empowered and ready to take on the business world by storm.
A report by International finance corporation (IFC) showed that women own a total of 33% of all SME’s that is slightly above 517,000 businesses. This highlights the importance of increasing credit access to women so as to prevent closure. Nearly 50% of all startups shut down due to lack of funds.
With the DADA women’s initiative now in the picture let’s hope that more women will be able to gain access to loans and valuable financial skills that will help their businesses succeed. When women actively participate in business the economy of any country is set to grow.
I am a member of a women group and on behalf of my team we are seeking to know if you allow groups to bank with you, and if so ; what are the requirements for opening an account with you? how do you offer loans to groups for instance how much can you loan against our deposits? Feel free to contact me on 0723080525.
I want to start a business after job loss and i need starting capital of jumpstart the process. Please advise
Need your help to improve business’s
am jobless but i see some people in our area supply firewood at bidco company i like that idea so much they cant help coz am poor,i dont know where to start also dont have capital
I just opened my small business three months ago and cannot afford to safe 50 in order get such. Am sure there are millions of women out there struggling like me but to no avail. How much do I need to safe in order to get like 10k for a start? I really need your help.
Hi Beth, thanks for your comment.
Let me get in touch with Stanbic on this then get back to you.
Thanks.
am Faith and i need to know how to go about it to apply for the loan.
How are your saving plan and what interest?
Hello am a business woman but av not been saving with any bank but through MPESA…Some few weeks ago there was a lady who left me a wines and spirits business which she had done for more than eight years in a busy place. I invested a stock of Sh50,000 in two weeks and the business is doing quite well. Now the problem is we had agreed that I should pay Sh 150,000 for the whole cost i.e shelving,TV,sounds fridges etc which to me was just Ok coz am just continuing from where he stopped not starting from scratch but I dont have that money to pay him at the moment and am afraid he might give it away to another person. Is there any way you can fund me then i pay in installments plz before i loose it.
My monthly turnover is less than 50k. I need a soft Loan of about 200k to enable me complete my rental houses which will boost my monthly turnover to between 50 and 80k. please help me out
kamamiwakirigia@gmail.com
HI,I have an account with you already but i dont know how to register the account under DADA INNITIATIVE,KINDLY help me link it so that i can save with it for future financial support
Hi Phoebe, kindly get in touch with Stanbic DADA directly via dadake@stanbic.com. or Stanbic customer care +254 711068888
Hallo,
I would like a loan to build rentals,what do I do to qualify?
Hi Nancy, kindly get in touch with Stanbic DADA directly via dadake@stanbic.com. or Stanbic customer care +254 711068888
Thank you for your comment.
Hey i need a car loan for business what is the procedure to secure one.
Kindly do you loan Women money to buy plots. ?Plots with ready title deeds?
Kindly do you support women in prisons.?