Women lead the way in Kenya's thriving investment groups

At the up-market "Urembo" hair and beauty salon, in uptown Nairobi, entrepreneur Maureen Murunga has her sights set on expanding her business.

The growth is important to Murunga, who bought the business a year ago, without the help of big banks.

"A local small bank gave me my first break," she says.

"But it wasn't without a lot of tears, tantrums, kickings and insisting that they would have to support me," she adds.

Murunga, who has a background in banking, says it is difficult for women to get credit from banks to start businesses.

"The bank will limit the financing to the security available," says Murunga. "For the women in this region, that is the challenge, because that will involve things like land, which traditionally families will give that to men.

"So for women, creativity is a big part."

That need for creative financing led Murunga to start an investment group, or "chama" as they are popularly known in Kiswahili.

Unlike the traditional revolving fund groups that merely saved money, theirs is an active investment group. Registered as Unathi Investment Limited, the 21-women in the group, mostly in their late 30s, are drawn from all sectors, ranging from finance to information technology to legal. Read more...