ABSA BANK PLEDGES SH100 BILLION TO ENHANCE THE GROWTH OF MSMES IN KENYA

ABSA BANK PLEDGES SH100 BILLION TO ENHANCE GROWTH OF MSMES IN KENYA

Absa Bank Kenya has pledged Sh100 billion in a bid to foster the growth of Micro, Small and Medium Enterprises (MSMEs) across various value chains for the next three years.

According to Absa, the funding is aimed at enhancing the resilience of MSMEs by boosting access to working capital in what the bank says is its role to spur economic development in Kenya.

Speaking during the bank's Annual Business Club Forum in Nairobi, Absa Bank Kenya Managing Director and CEO Abdi Mohamed said the firm will continue to play a critical role in the growth of MSMEs.

“As a Bank, we are fully cognizant of the immense contribution that MSMEs make to Kenya’s economy through job creation and their contribution to the GDP,” said Abdi.

Abdi added, “We particularly recognise the need to avail sustainable finance solutions and expertise to cushion these businesses in times of unexpected downturns.”

PHOTO: Absa Bank Kenya MD and CEO Abdi Mohammed addressing participants during the bank's Annual Business Club Forum in Nairobi.

Further, Abdi said the move complements the bank’s four-pronged approach for its SME customers, including access to markets, information, mentorship, coaching, and sustainable finance.

The Cabinet Secretary for Cooperatives and MSMEs Development Hon. Simon Chelugui in his speech read by Micro and Small Enterprises Authority Director General and CEO Henry Rithaa, said the ministry set several key measures to create an environment in which MSMEs can thrive to realise their full potential. CS Chelugui added that his ministry is stimulating the MSMEs value chains.

“The priority value chains we are focusing on include leather, cotton, dairy, edible oils, tea, rice, the blue economy, minerals, forestry, as well as building materials,” said Chelugui.

PHOTO: Micro and Small Enterprises Authority Director General and CEO Gentry Rithaa.

The CS added, “We believe these sectors have the potential to create millions of jobs far beyond what we have recorded so far.”

The forum in Nairobi dwelt on available opportunities for MSMEs to enable them to become more resilient and to overcome the current economic challenges facing businesses in Kenya.

Absa Bank Kenya recently unveiled the Wezesha Stock proposition, a real-time digital platform, providing inventory management and trading for SMEs operating in Kenya.


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