On Friday, 25th August 2023, the Kenya Small Business Development Centers (Kenya SBDC) signed a partnership agreement with the Kenya Bankers Association aimed at empowering Micro, Small, and Medium Enterprises (MSMEs).
This strategic partnership, driven by a shared vision of promoting financial inclusion, innovation, and sustainable growth, is set to bring about meaningful change in the Kenyan business landscape.
At the center of this collaboration is the commitment to co-create tailor-made financial products that cater specifically to the unique needs and challenges faced by MSMEs. These financial solutions will be designed to facilitate access to capital, enhance financial stability, and ultimately drive the growth of these vital economic contributors.
Further, the collaboration will see the two parties offer specialized training programs designed to equip MSMEs with the skills, knowledge, and resources they need to thrive in a competitive market. These programs will encompass a wide range of essential business competencies, empowering entrepreneurs to make informed decisions and navigate the complexities of the business world effectively.
Research is another key pillar of this partnership, and will see both Strathmore University and the Kenya Bankers Association actively engage in impactful research initiatives. By conducting studies and analysis focused on the challenges and opportunities within the MSME sector, they aim to gain valuable insights that will inform policy decisions and foster a conducive environment for MSMEs to flourish.
The collaboration is set to span a duration of three years, during which time it will play a pivotal role in equipping MSMEs with the tools and knowledge necessary to drive Kenya’s economic transformation. This partnership signifies a collective commitment to empower and uplift the MSME sector in Kenya. By co-creating financial products, providing specialized training, and engaging in impactful research, this collaboration is poised to drive positive change, foster financial inclusion, and contribute significantly to the economic growth and development of Kenya.
Article by Juliet Hinga