Absa Bank Kenya will fund Small and Medium Enterprises across various value chains to the tune of Sh100 billion over the next three years.
This, according to the bank is expected to improve the resilience of the sector by offering ready access to working capital.
Speaking at the Bank’s Annual Business Club Forum, Absa Bank Kenya’s managing director and CEO, Abdi Mohamed, said the lender is committed to investing in the growth of the country’s MSME sector.
“We are fully cognisant of the immense contribution that MSMEs make to Kenya’s economy through job creation and their contribution to the Gross Domestic Product," Abdi said.
He said the lender recognises the need to avail sustainable finance solutions and expertise to cushion businesses in times of unexpected downturns.
Micro and Small Enterprises Authority (MSEA) director general Henry Rithaa affirmed the government's commitment in supporting businesses.
He said the ministry has set several key initiatives to ensure the creation of an environment in which MSMEs can thrive and achieve their full potential.
One of the key targets of the Ministry is revitalising priority value chains that create impact, and reduce wastage and duplication in the economy.
“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. We believe these sectors have the potential to create millions of jobs far beyond what we have recorded so far,” he said.
The session was organised to discuss opportunities for businesses, and more so the SMEs, to thrive amidst the prevailing challenging operating environment.
Absa’s latest commitment comes on the back of its recent launch of the Wezesha Stock proposition, a real-time digital platform, which provides inventory management and trading for small and medium enterprises (SMEs).
