Dr. Jennifer Riria was the long serving chief executive officer of Kenya Women Finance Trust and now group CEO of Kenya Women Holdings. Through 27 years of leadership and still counting, she has transformed what was a failing women’s microfinance organisation into one of Africa’s leading microfinanciers, while changing the lives of numerous women and their families.
Dr. Jennifer Riria’s life’s mission is to transform lives of women and their families. She describes her journey as being long, and shares that her “focus has been on women’s empowerment and advocating for women’s rights.” For the last 27 years, Riria has done this primarily through the Kenya Women’s Finance Trust (KWFT), now named Kenya Women Microfinance Bank and Kenya Women’s Holdings. Riria’s passion to change women’s lives started at a young age. Born in Kathangari, in Meru County, she is the fourth born child in a family of 10 children. She describes her family background as one of humble means.
It was her childhood in the village that set Riria on a determined path to beat the odds, so that she could rise above her circumstances. “I watched my mother and saw the struggles she and other women went through and I knew I never wanted to live through that.” Her mother constantly urged her to work hard in school so that she would never experience similar hardships. “That really drove me. I decided then that I needed to do something in my own way to help women.” Young Riria attended Kathangari Primary School in Meru County. She balanced schoolwork with household chores that included tending to her younger siblings, cooking, fetching water, chopping firewood and looking after livestock. She worked hard in her studies and earned a spot at the esteemed Precious Blood Secondary School, Riruta.
She exceled in her A levels, and in 1972, she proceeded to undertake a Bachelor of Arts specialising in education and economics at the University of Dar es Salaam. Never one to slack off, she completed her degree and won a scholarship to study in the United Kingdom. She completed a postgraduate diploma and later a Master of Arts in Education Administration from the University of Leeds.
Her urge to make a difference led her back to Kenya immediately after completing her master’s. After a stint as a teacher, she pursued a Doctor of Philosophy from Kenyatta University. Riria then worked for the United Nations (UN). Despite a successful career at the UN, her urge to change women’s lives led her to the ailing KWFT. She took over KWFT in October 1991. “We had no clients and were on the verge of closing our doors,” she recalls. KWFT was founded in 1981, by an eclectic group of professional women from various fields. Their goal was to create
a financial institution that would address both the financial and non-financial needs of women. With only four permanent employees, no clients and KES 2,000,000 in uncollected loans, KWFT was struggling and on the verge of shutting its doors when Riria took over. She hit the ground running to raise funds, restructure the organisation and rebuild its ties with international organisations. “Nobody wanted to talk to me,” she recalls. “People often asked why I left the university and the UN to join a failing organisation.”
The Ford Foundation and United Nations Development Programme (UNDP), however, supported Riria’s appointment and mission to rehabilitate KWFT. Together with her Board of Directors and staff, she embarked on a mission to preach that not only were people with meager resources bankable, women were bankable. The organisation pushed small loans of as little as KES 3,000 to as many urban and rural women as possible – a move that banks didn’t have time for. Beyond meeting the financial needs of clients, Riria strongly believes in observing the double bottom line. Under her leadership, KWFT went a step further to bring about social impact to its clients, transforming the lives of numerous families and communities around the country. “For us social performance management is critical. We are concerned about our clients’ lives and believe that women’s needs go beyond money.”
The microfinance listened to its clientele and developed sustainable products to answer their needs. “If a client comes in and shares that they have a problem with water, we sit down and develop products such as water tanks for the women in that area, so that they can harvest clean water.”
She went a step further and spearheaded the integration of social performance management into the microfinance industry, while serving as the chair of the Association of Microfinance Institutions In Kenya (AMFI). “I believe that it is important that we as microfinance institutions measure at a social level what we are doing. Our goal should be to empower economically and socially, not to impoverish.”
Under her leadership, KWFT was not only able to find its grounding, it has grown into one of the largest microfinance institutions in Africa and serves as a role model to other microfinanciers. It has also received many awards and trophies locally as well as globally for best practice. Over the years, KWFT has undergone transformation. In 2008, the microfinance become a subsidiary of Kenya Women Holding (KWH) – a non-profit organisation that provides non- financial services that position, advocate for and empower women. Riria is now the group CEO of KWH. KWFT, which serves as the financial arm of the holding company, transformed into a deposit taking microfinance in 2010. In 2014, Kenya Women Finance Trust Deposit Taking Microfinance become a fully fledged bank now known as Kenya Women Microfinance Bank Limited, still retaining its long serving acronym KWFT.
Riria considers her greatest accomplishment as how far the organisation has come, whom it serves and the assets it brings to the country. By 2013, the microfinance had a large network of over 230 offices and branches spread out in 45 counties. It served close to a million customers offering both financial and non-financial services. “We lend out approximately KES 1.6 billion a month with the average loan amount as KES 40,000. We have a large network and believe in taking services to the people. No woman should travel more than five kilometers to find our services.”
Internationally, Riria is pleased with her contributions to Women’s World Banking – the global mouthpiece for microfinance institutions – which she chairs. “I am proud of the principles we have laid out especially in terms of eradicating poverty.” Microfinance holds a dear place in Riria’s heart and she is content to remain serving in the
industry. “Many people ask why I haven’t joined politics or pursued a senior government position, but through my work, I have such a large constituency.” She indicates that over the years, the industry has transformed itself to become the savior of economies in Africa. “While you cannot remove poverty from people, you can affect people to improve their lives by empowering them to transform the way the world works for them.
Riria is also fulfilled by the progress achieved by TUVUKE Initiative, a peace movement she leads. Founded in 2011 in response to the 2007/2008 post election violence, TUVUKE Initiative’s purpose is to promote a peaceful and fair electoral process. Riria chairs the peace movement. “In 2008, we lost my Kiambaa church in that fire, we also lost a lot of resources through destroyed businesses. In my heart, I knew that I had to do something.” She strongly feels
that Kenya should never experience that kind of pain again. “If we can do anything to entrench tolerance and acceptance of diversity, if we as Kenyans see the wealth of having diversity, I will die as a happy person.” Riria says being part of making this difference is what pushes her to wake up every morning.
Riria has won numerous awards for her work. She is the 2013 and 2014 Ernst & Young (EY) Entrepreneur of the Year, and was subsequently admitted to the EY Global Hall of Fame. Ford Foundation named her distinguished recipient of the “Champion of Democracy” award for her work with TUVUKE Initiative. She was also conferred “Warrior” status by the Marketing Society of Kenya, amongst numerous other awards.“I believe God put me on earth for His glory. I don’t do anything for me.” On a personal level, Riria is gratified about being a mother. “It’s amazing, I feel very blessed among women.” She counts her KWH and KWFT team as family. “I have a fantastic team of
staff over 2300. They call me mother and they mean it. I wake up every morning feeling happy because I have a purpose.” She is also thankful for good health and for God’s grace in her life.
“The Lord watches over me everyday.” She admits that work life balance is not easy for career women. “When I was a young professional with young children it was tricky. I learnt that as a manager, you have to manage your life, know how to delegate, find good help, remunerate well and absolve them into your family system.” This, she says, has helped her find balance. She also values spending quality time with her family. “I made sure I was there to take my
children to church. We also shared at least one meal together and prayed together whenever I was not travelling.” Her children looked forward to those times, she says, and emphasises, “you have to explain to your family what you’re doing so that they can support you.” She urges younger women to stand up and take up leadership positions. “I am embarking on a mentorship program that will prepare young women for leadership. I will take the time to
connect them with great mentors by capitalising on technology.”
Riria has experienced major challenges on her journey to the top, but has not let them stop her. “You have to believe in yourself and believe that that’s what God wants for you.” Having people around you who buy into your vision is also important, she says. “I am blessed to have staff and people globally who believe in what I do.” She draws the strength to forge on from her team. “I love working with people and have an open door policy. You cannot do it alone.” Her formula to success is harnessing the strengths, capabilities and synergies of the people around her. “You cannot do it alone. I’m quick to admit when I can’t do something and learn what I’m not good at from others. It is therefore important to build the capacity of those around you.”
A typical day for Riria starts early. She is out of her house by 6 a.m. for early morning meetings, and is mostly in the office from 8 a.m. to 8 p.m. “I believe in a clean desk policy. My typical day is full of meetings as well as leading and coordinating the many institutions I am a part of. I run many things from my desk and like to clear it before I retire for the day.” She also likes to spend time out in the field. “I’m not a glorified CEO, I like to go out to the village, such as Nyatike, eat fish and see how my clients are thriving.” In her downtime, Riria enjoys several hobbies. “I love attending church so that I can sing my heart away. I also love light reading.” She enjoys the outdoors and loves walking, which she says has become a challenge because of insecurity. “I love to sit outside and listen to my trees rustle. I plant my own vegetables and have someone who helps me with my green house. It is very relaxing walking in the garden.” Riria also loves to cook and spend time with her grandchildren. WFT was founded in 1981, by an eclectic group of professional women from various fields. Their goal was to create a financial institution that would address both the financial and non-financial needs of women.
With only four permanent employees, no clients and KES 2,000,000 in uncollected loans, KWFT was struggling and on the verge of shutting its doors when Riria took over. She hit the ground running to raise funds, restructure the organisation and rebuild its ties with international organisations. “Nobody wanted to talk to me,” she recalls. “People often asked why I left the university and the UN to join a failing organisation.” The Ford Foundation and United Nations Development Programme (UNDP), however, supported Riria’s appointment and mission to rehabilitate KWFT. Together with her Board of Directors and staff, she embarked on a mission to preach that not only were people with meager resources bankable, women were bankable. The organisation pushed small loans of as little as KES 3,000 to as many urban and rural women as possible – a move that banks didn’t have time for. Beyond meeting the financial needs of clients, Riria strongly believes in observing the double bottom line. Under her leadership, KWFT went a step further to bring about social impact to its clients, transforming the lives of numerous families and communities around the country. “For us social performance management is critical. We are concerned about our clients’ lives and believe that women’s needs go beyond money.”
The microfinance listened to its clientele and developed sustainable products to answer their needs. “If a client comes in and shares that they have a problem with water, we sit down and develop products such as water tanks for the women in that area, so that they can harvest clean water.” She went a step further and spearheaded the integration of social performance management into the microfinance industry, while serving as the chair of the Association of Microfinance Institutions In Kenya (AMFI). “I believe that it is important that we as microfinance institutions measure at a social level what we are doing. Our goal should be to empower economically and socially, not to impoverish.”
Under her leadership, KWFT was not only able to find its grounding, it has grown into one of the largest microfinance institutions in Africa and serves as a role model to other microfinanciers. It has also received many awards and trophies locally as well as globally for best practice. Over the years, KWFT has undergone transformation. In 2008, the microfinance become a subsidiary of Kenya Women Holding (KWH) – a non-profit organisation that provides non- financial services that position, advocate for and empower women. Riria is now the group CEO of KWH. KWFT, which serves as the financial arm of the holding company, transformed into a deposit taking microfinance in 2010. In 2014, Kenya Women Finance Trust Deposit Taking Microfinance become a fully fledged bank now known as Kenya Women Microfinance Bank Limited, still retaining its long serving acronym KWFT.
Riria considers her greatest accomplishment as how far the organisation has come, whom it serves and the assets it brings to the country. By 2013, the microfinance had a large network of over 230 offices and branches spread out in 45 counties. It served close to a million customers offering both financial and non-financial services. “We lend out approximately KES 1.6 billion a month with the average loan amount as KES 40,000. We have a large network and believe in taking services to the people. No woman should travel more than five kilometers to find our services.”
Internationally, Riria is pleased with her contributions to Women’s World Banking – the global mouthpiece for microfinance institutions – which she chairs. “I am proud of the principles we have laid out especially in terms of eradicating poverty.” Microfinance holds a dear place in Riria’s heart and she is content to remain serving in the
industry. “Many people ask why I haven’t joined politics or pursued a senior government position, but through my work, I have such a large constituency.” She indicates that over the years, the industry has transformed itself to become the savior of economies in Africa. “While you cannot remove poverty from people, you can affect people to improve their lives by empowering them to transform the way the world works for them.
Riria is also fulfilled by the progress achieved by TUVUKE Initiative, a peace movement she leads. Founded in 2011 in response to the 2007/2008 post election violence, TUVUKE Initiative’s purpose is to promote a peaceful and fair electoral process. Riria chairs the peace movement. “In 2008, we lost my Kiambaa church in that fire, we also lost a lot of resources through destroyed businesses. In my heart, I knew that I had to do something.” She strongly feels
that Kenya should never experience that kind of pain again. “If we can do anything to entrench tolerance and acceptance of diversity, if we as Kenyans see the wealth of having diversity, I will die as a happy person.” Riria says being part of making this difference is what pushes her to wake up every morning.
Riria has won numerous awards for her work. She is the 2013 and 2014 Ernst & Young (EY) Entrepreneur of the Year, and was subsequently admitted to the EY Global Hall of Fame. Ford Foundation named her distinguished recipient of the “Champion of Democracy” award for her work with TUVUKE Initiative. She was also conferred “Warrior” status by the Marketing Society of Kenya, amongst numerous other awards.“I believe God put me on earth for His glory. I don’t do anything for me.” On a personal level, Riria is gratified about being a mother. “It’s amazing, I feel very blessed among women.” She counts her KWH and KWFT team as family. “I have a fantastic team of
staff over 2300. They call me mother and they mean it. I wake up every morning feeling happy because I have a purpose.” She is also thankful for good health and for God’s grace in her life. “The Lord watches over me everyday.”
She admits that work life balance is not easy for career women. “When I was a young professional with young children it was ricky. I learnt that as a manager, you have to manage your life, know how to delegate, find good help, remunerate well and absolve them into your family system.” This, she says, has helped her find balance.
She also values spending quality time with her family. “I made sure I was there to take my children to church. We also shared at least one meal together and prayed together whenever I was not travelling.” Her children looked forward to those times, she says, and emphasises, “you have to explain to your family what you’re doing so that they can support you.” She urges younger women to stand up and take up leadership positions. “I am embarking on a
mentorship program that will prepare young women for leadership. I will take the time to connect them with great mentors by capitalising on technology.” Riria has experienced major challenges on her journey to the top, but has not let them stop her. “You have to believe in yourself and believe that that’s what God wants for you.” Having people
around you who buy into your vision is also important, she says. “I am blessed to have staff and people globally who believe in what I do.”
She draws the strength to forge on from her team. “I love working with people and have an open door policy. You cannot do it alone.” Her formula to success is harnessing the strengths, capabilities and synergies of the people around her. “You cannot do it alone. I’m quick to admit when I can’t do something and learn what I’m not good at from others. It is therefore important to build the capacity of those around you.” A typical day for Riria starts early. She is out of her house by 6 a.m. for early morning meetings, and is mostly in the office from 8 a.m. to 8 p.m. “I believe in a clean desk policy. My typical day is full of meetings as well as leading and coordinating the many institutions I am a part of. I run many things from my desk and like to clear it before I retire for the day.” She also likes to spend time out in the field. “I’m not a glorified CEO, I like to go out to the village, such as Nyatike, eat
fish and see how my clients are thriving.”
In her downtime, Riria enjoys several hobbies. “I love attending church so that I can sing my heart away. I also love light reading.” She enjoys the outdoors and loves walking, which she says has become a challenge because of insecurity. “I love to sit outside and listen to my trees rustle. I plant my own vegetables and have someone who helps me with my green house. It is very relaxing walking in the garden.” Riria also loves to cook and spend time with her grandchildren.