Strategic change management within Kenya Women Finance Trust Limited
The study was meant to investigate the change process that has taken place within Kenya Women Finance Trust, a microfinance institution that has been in existence for the last 28 years and which want to remain relevant in the finance sector in Kenya which has been undergoing tremendous and rapid changes both in policy and structure in the last two decades. The most significant change in the Kenyan finance sector is the enactment of the Microfinance Act of 2008 which in summary defines all microfinance institutions in Kenya that will be monitored and regulated by the Central Bank of Kenya and the terms and conditions set by Central Bank under which such MFIs shall be allowed to collect deposits from the general public. It is in this law that KWFT has taken the path to change. The study therefore tries to understand the change management process that KWFT has undertaken, the strategic measures adopted by KWFT and the challenges the organization and its stakeholders are facing in the wake of adapting to the changes and how those challenges can be overcome. The research design adopted was a case study since the study was based on only one institution and both primary and secondary data was used to gather information on the change management process; primary data being information gathered from interviews conducted to the top management within KWFT and secondary data from KWFT financial reports, its annual publication and strategic plan reports. The study in summary gives an opportunity for the organization to access changes so far made and see whether the goals expected have achieved. The study also tries to understand the buy-in process of the staff which should be in line with mission and vision of the organization. The study also provides much relevant information to scholars and analysts in the financial sector who may want to understand more about the microfinance industry that has experienced rapid growth and expansion in the last decade. The study gives limitations and suggestions for further research in that few MFIs have been granted a license by Central Bank to operate as regulated MFIs. A cross sectional study should be done to establish experiences by other MFIs in the wake of the licensing.