Absa Bank seeks partnership with County Govts for SMEs growth
Absa Bank seeks
partnership with County Govts for SMEs growth
The Absa
Bank Kenya is seeking partnership with various County Government across the
country in order to promote the growth of Small and Media Enterprises {SMEs}.
Absa Bank Kenya Acting Managing Director Yusuf Omari says Kenya as a nation of entrepreneurs, SMEs across the country Western Kenya included and particularly Kisumu are a crucial part of the region’s socio-economic transformation.
Addressing the meeting of about 300 SMEs from
Nyanza and Western Kenya region today in Kisumu therefore important that as
enablers, Omari said it is important to join hands with them as well as with
the respective county administrations to drive their growth agenda because of
the important role they play in uplifting the lives and livelihoods of
residents in this region.
He says they have made significant strides towards
fulfilling its pledge to supporting the SME sector, adding that this is very
critical for the growth and development of this nation.
“We have
particularly focussed our energies on supporting SMEs navigate through
persisting complex challenges, including the disruptions arising from the
COVID-19 pandemic, civil strife (as is currently the case with the
Ukraine-Russia crisis), drought, inflation, forex fluctuation, formalisation,
access to financing and networks among other issues,” the Managing Director
says.
He adds that during
this difficult operating environment, their strategy has remained to be a
partner of growth for the SMEs as part of efforts to help them mitigate these challenges
and support them to pivot for recovery and growth.
“During such a tour
of the SMEs, we want to take some time to listen and hear from you on the
challenges that you encounter when dealing with us and how we can improve your
banking experience with us. We also want to learn more about the products and
solutions that are relevant to your businesses and to this region in particular.
Please also take advantage of this session to interact with us to get a better
understanding of how we function, including how you can improve the bankability
of your businesses,” he further says.
He adds that they
have adopted a holistic approach to SME empowerment where business owners are
trained on business sustainability, funding, book-keeping and networking so as to
ensure they become bankable, adding that they are also committed to continue supporting
the SME customers with business insights, networks, and expertise to transform
their businesses.
Elizabeth Wasunna, the Business Banking Director at Absa Bank Kenya says Locally, Medium and Small Micro Enterprises continue to play a role accounting for up to 98% of all businesses in the country, adding that they employ close to 50% of the workforce and contributing up to 33% in GDP growth.
Wasunna at the same time says to support women in business, they have introduced the Women in Business proposition which seeks to empower over 1 million women entrepreneurs over the next five years.
“So far, we have impacted more than 20,000 active customers in the last one year, by providing unsecured lending of up to KES 10 million, payable over 5 years for existing borrowers and KES 7 million for new borrowers payable in 4 years,” She says.
She further adds that beyond financial solutions, they look to impart business owners with business skills by offering trainings on business sustainability, funding, book-keeping, and networking to ensure the enterprises remain profitable.
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