The biggest hindrance to women-owned businesses’ growth is the lack of access to financing. Besides, women lack financial and business mentorship with only 37 percent of women having a bank account.

Despite these challenges, women are the core fabric of society and when their financial needs are met, families are better taken care of, and society benefits. They are found in every sector of the economy, and empowering them financially contributes to building the nation by increasing GDP and transforming society.

Can women build financial wellness and live their best lives or is it a pier’s dream? This question lingered during the Parents Africa Integrated Media Special breakfast event in honour of International Women’s Day. Industry experts and speakers all agreed that women can attain financial wellness, but a lot of work must be done. 

According to Alice Mwaniki, Head of Personal Banking, at Stanbic Bank and the keynote speaker, financial wellness is more than just having money overflowing in bank accounts.

“Financial wellness is about a holistic view of how you are as a woman. You cannot say you have financial wellness when you are not financially and emotionally stable, physically healthy, or when lacking a financial plan,” she said.

Earning the client’s trust

According to statistics,  48 percent of the entrepreneurial world is run by women. However, according to Mwaniki, businesses owned by women are smaller, less profitable, and have fewer capital investments compared to those owned by men, yet women play a big role in economic development. 

“As women, we contribute to 20 percent of the GDP and 82 percent of the savings in the country. We also contribute 70 percent of the household’s budget. This is why I say women are a movement,” added Mwaniki.

Other speakers at the event including Joanne Mwangi-Yelbert CEO, of Professional Marketing Services (PMS Group) echoed her sentiments. 

Speaking at the event Joanne, whose journey has been shaped by the foundation of entrepreneurial values, the business field is not an easy one to navigate, having seen many new businesses shut down.

“One of the things you need to run a business successfully is to be responsive. Reply to your customers on time and if anything comes up that will affect the arrangements, give a prior notice. This way, you can earn your client’s trust,” said Mwangi.

Navigating her role as the CEO of the PMS group, Joan has encountered various challenges inherent in entrepreneurship. The seasoned entrepreneur encouraged entrepreneurs to never lose hope.

“As an entrepreneur, you need to sell hope, which is part of the recipe for success. 

“Some ingredients like salt, should never lack in the food. Financial literacy, cash flow, and starting capital are some essential requirements needed to start a business,” she said. 

Unfortunately, these are also the same challenges faced by aspiring entrepreneurs. 

Alice Mwaniki Head of Personal Banking Stanbic Bank added: “Our commitment is to leave a legacy.”

Keep your name in people’s mouths

Nancy Muthoni, Founder and Executive Producer and Host of The Property Show, and also chairperson of Kenya National Chamber of Commerce and Industry (KNCCI) Nairobi Chapter for Women in Business Committee, urged businesswomen to embrace networking, arguing that it is not all about exchanging business cards but forging meaningful connections.

“Through networking, we create opportunities for future collaborations, growth, and collective advancements. People think networking is easy. It is not. The trick is to make sure you make an impact on somebody, to the point that they would love to meet you next time,” she added.

Muthoni said that mentorship is about guiding the less experienced or younger generations in the journey of life. It is about ensuring that even after your prime days, there is someone who will walk in your footsteps and keep your name in people’s mouths.

“We must embrace the networking power of mentorship. Let us commit ourselves as women to economic empowerment by saying that it will help us as women increase access to economic resources and opportunities including jobs, financial services, property and other productive assets, skills development, and market information,” she said.

About ParentsAfrica

Parents Africa Integrated Media, the publisher of Parents Magazine convened a special breakfast event on March 8, 2024, to celebrate and recognize the tremendous contribution of women in society. The special breakfast held at Pride Inn Westlands, Luxury Boutique Hotel, converged 120 businesswomen and entrepreneurs from different spheres of society to celebrate achievements and successes, network, and create mentorship avenues.  It brought together businesswomen and entrepreneurs for an engaging morning with great speakers on financial wellness, access to business financing, mentorship, and walking the entrepreneurial journey. 

Parents Africa Integrated Media, an exclusive brand on family issues and inspirational life experiences for the last 37 years has focused on families by covering issues that empower them and also giving a platform for people to share their life experiences. 

Additional reporting by Wambui Gathuka

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British American Tobacco Kenya plc (BAT Kenya) is part of the British American Tobacco Group (BAT Group), a leading multi-category consumer goods business that has existed since 1907. They were listed on the Nairobi Securities Exchange in 1969. 

Data analysis revealed that women outperformed men in 4 out of 8 job groups and were on par with men in other job grades.

Outstanding performance

However, men had the advantage in the remaining three job groupings. The largest difference was observed in the senior management group, where women earned 19 percent more than men due to the outstanding performance of female employees and the addition of experienced external female staff.

Women also outearned men in job groups G32, G33, and G35, but men earned considerably more than women in the lowest job category, with a margin of 67 percent. The company attributed the pay gap to years of service and the annual salary review process.

Men spend more time in the same job group, leading to higher average times in grades. On average, male employees stayed within the same pay grade for four and a half years while female employees stayed for three years and two months. BAT has pledged to address the issue by considering factors like performance, experience, and time in job groups in salary reviews to ensure equality and fairness in pay.

Men have always been ahead of women

The BAT situation is challenging the gender pay gap in Kenya has always put men ahead of women. According to a 2019 study on gender equality in Kenya, by Equileap on average, women earn 32% less than their male counterparts, compared to 23% globally.

BAT Kenya serves as a manufacturing hub for Kenya’s domestic market and BAT markets in East Africa and Southern Africa, as well as export markets across Eastern, Central, and Southern Africa, through a cigarette manufacturing plant in Nairobi and a green leaf threshing (GLT) plant in Thika.

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The main wall of the museum will display the artwork near the entrance of Friedman Court. Despite her success, Mathenge still credits her father for her artistic development. 

Mathenge moved to the US to pursue a career in finance after pursuing business administration in Kenya. She took classes at the School of the Art Institute of Chicago because she realized her true calling was in art. The sale of her artwork reflects recognition and acclaim in the art world and serves as an inspiration to aspiring artists.

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Mary Wanyonyi is a Certified Public Accountant (CPA-K) and an active member of both the Institute of Certified Public Accountants of Kenya (ICPAK) and the Institute of Certified Investment and Financial Analysts (ICIFA).

She has held board positions in prestigious institutions such as the Cooperative University College, Kenyatta National Hospital, and Maasai Mara University.

Mary Wanyonyi Chebukati is a certified mediator, showcasing her expertise in conflict resolution.

She is married to Wafula Chebukati, the outgoing Chairman of the Independent Electoral and Boundaries Commission (IEBC), since 1990. Together, they have been blessed with three children – two boys and one girl.

Currently, she is the Senior Deputy Accountant General and serves as the Head of the Accounting Unit in the Ministry of Lands, Public Works, Housing & Urban Development.

Throughout her career, Mary Wanyonyi Chebukati has demonstrated exceptional skills and knowledge in accounting, finance, and governance, earning her immense respect and recognition in Kenya.

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Dan David prize board member Aviad Kleinberg says” A culture that does not understand its past is like an individual with acute amnesia”

Dan David Prize is the world’s largest history prize that celebrates next-generation outstanding curators, digital humanists archaeologists, and historians. The award recognizes historians for “changing our understanding of the past.” According to Dan David Prize board member Aviad Kleinberg, “A culture that does not understand its past is like an individual with acute amnesia,”

Chao who is a specialist in digital heritage uses her technology to uncover hidden historical narratives allowing communities to access them and engage actively with their cultural heritage.

She has been passionate about History from a tender age and considers herself a historian by birth and a digital explorer by profession. 

Chao pursued a BSC in Mathematics and Computer Science from JKUAT and an MSC in the International Heritage Visualization program from The Glasgow School of art.

Notable projects

Between 2012 and 2016 the digital explorer started the Save the Railway project. She documented the history of Kenya’s disappearing railway infrastructure bringing together photographs, stories, and 3D images in a bid to preserve the history of the railway. She co-founded the African Digital Heritage and Museum of British  Colonialism. African Digital Heritage encourages African cultural institutions to adopt new technology.

Other recognitions 

Chao was awarded the Google Anita Borg scholarship for women in technology and the Governor’s International Postgraduate scholarship (Glasgow School of Art). Chao is a recipient of the Google Anita Borg scholarship for women in technology.

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For Susan, a trained lawyer, being in the limelight is not a new thing. In 2005 she became Miss Earth as a teenager and since then, her stardom has been unstoppable. Currently, she is one of Kenya’s leading, youngest Beauty-preneurs, CEO of Posh Palace, Polish cosmetics, and Polished by the Posh Palace.

Speaking on Her Standards, Kaittany said hard work and humility have put her ahead of the game.

“Women get judged a lot. How we should be, how you should behave yet, the people who judge you don’t know you. The truth is women can be everything but you probably have to work five times harder,” she told Queenter Mbori, TV host of Her Standards.

Coming from a humble background, Susan learned business apprenticeship from her mother, a former teacher. Mother and daughter have sold everything in and out of Nairobi including popcorn and crips.

“There’s no shame in being an entrepreneur. You are a literal beggar,” she said adding, “I have begged, but once you know the customer is the boss, you lay low.”

Susan urges women to be their own cheerleaders. “Don’t expect claps at the start of your business because it is a very lonely journey. You really have to be determined, ignore the haters, and march forward.” 

To young women getting into the business – Start already. “All you need is a dream, resilience, and grit,” said Susan, Woman of Impact Award 2019 winner, Women in Business Kenya Awards.

The first episode of ‘Real House Wives of Nairobi’ (RHO Nairobi) officially airs on 23, February 2023 on Showmax. 

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