Change Management Strategies and Financial Performance of Kenya Women Microfinance Bank in Nairobi City County

Abstract

The study assessed the influence of change management strategies on performance of Kenya Women MicroFinance Bank. The specific objectives were to determine the influence of leadership changes, technology changes, and product innovation changes on the financial performance of the company. The study was guided by Schumpeter's innovation theory and institutional theory. A case study research design was used to collect data from a sample of 14 general managers using purposeful sampling. The study utilized both primary and secondary data. Moreover, content analysis using excel and SPSS was used to analyze the data. The results showed that leadership changes, technological changes and product innovation changes had a positive effect on the financial performance of KWFT. The content analysis results highlights the significance of effective leadership styles and competencies in driving organizational change and impacting financial performance positively. However, it also reveals disparities in technology readiness across branches and the necessity for a more cohesive approach to resource allocation and IT infrastructure enhancement. The bank's success in product innovation and customer acquisition signals a commitment to staying competitive by offering diverse and customer-centric solutions. Based on the findings, the study recommends that the management of Kenya Women MicroFinance Bank should invest in technology and explore new ways to use technology to improve services and operations. The management should also include more product innovation strategies and explore other factors that may influence financial performance. The study contributes to the existing body of knowledge on the influence of change management strategies on financial performance in the microfinance sector.