NAIROBI, Kenya, Jan 10 – Absa bank Kenya has continued to scale up its inclusivity for micro, small, and medium enterprises (MSMEs) in the country in a bid to sustain their growth.
The lender’s Business Banking Director, Elizabeth Wasunna-Ochwa, avers that the county’s economic foundation rests upon its MSMEs, hence the need to strengthen them.
“The sector is especially important in providing job and income opportunities for economically disadvantaged segments of the population, such as youth and women,” he said.
“MSMEs are a key entry point for women and youth seeking to start their own businesses because of their low capital requirements and less stringent requirements for the establishment of small businesses run as family businesses.”
Absa says it will continue to empower MSMEs through its SHE Stars program, which is a four-pronged approach encompassing mentorship and coaching, access to information, markets, and finance.
This, according to Ochwa, has been informed by the struggles they undergo owing to the global economy’s multiple external shocks, such as geopolitical tensions, supply chain disruptions, and the COVID pandemic.
The program is in collaboration with GIZ, Absa Kenya, and the Yunus Environment Hub (YEH).
Ochwa further urged MSMEs and financial institutions to adopt digital capabilities and ecosystems to remain relevant and adaptable.
According to the Kenya National Bureau of Statistics in 2016, there are over 7.4 million MSMEs in Kenya, employing over 14.4 million Kenyans across all sectors of the economy.
