Stan Chart injects P1m into Thusang Basadi

Standard Chartered Bank Chief Executive Officer Moatlhodi Lekaukau said the P1 million injection into Thusang Basadi Fund symbolises the banks’ commitment in empowering women in the male dominated business environment.

The fund targets two key elements: Contribution to the Loan Fund to scale up disbursements and increase outreach and access to finance and; Knowledge sharing to impart and share expertise contributing to social and economic development. “We will be supporting Thusang Basadi with P 1 million over the next three years. Over and above this, our staff will be investing their time through our Employee Volunteering exercise by offering institutional capacity support to Thusang Basadi,” he said. 

The P1million is expected to benefit the WFHB members through the credit programme, as they will be given loans to help sustain their businesses.  To qualify for the loan one must be a citizen woman aged 21 to 65 years who has been running a micro business for a minimum of six months. They must also have a business in operation which makes a turnover of at least P1000 per month. Women Finance House was established as a Non-Governmental Organisation registered as a company limited by guarantee.It was incorporated in May 1989 and operates under the trade name Thusang Basadi, meaning “Help the Women”.

In July 1991, the organisation started a training programme in basic business management for women entrepreneurs. In May 1993, it began its operations as a Microfinance Institution having acquired an exemption from the provision of the Financial Institutions Act to mobilise savings by Bank of Botswana. WFHB was established to alleviate poverty and provide financial services to low-income business women, particularly those who do not have access to the services provided by conventional financial institutions. These for instance include hawkers.  In an interview with BG Business, WFHB Executive Director Veronica Masenya said the NGO is charged with the mandate of poverty reduction through provision of financial services.

“We are running a Savings and Credit programme and provide basic business skills training to our members. The savings programme is an integral component of credit, intended to instill financial discipline and provide security for the client’s future. We currently have 9000 members and we intend to reach 12000 in the next three years,” she said. However, Masenya said that the credit programme provides micro loans ranging from P750.00- P20,000 for working capital, with repayment periods ranging between five to 18 months. The NGO last week signed a memorandum of agreement with Standard Chartered Bank in support of economic empowerment of low-income women who are not able to access conventional banking system finance.

The organisation has previously received support from partners such as Norwegian Agency for Development, United States Agency for International Development (USAID), African Development Foundation (USA), Women Affairs Department (Botswana) and Non-State Actors (Botswana government/European Union joint initiative) amongst others.