Stanbic bank, KNCCI partner to support SMEs

 

Stanbic Bank Kenya and the Kenya National Chamber of Commerce and Industry (KNCCI) have signed a partnership to provide financial and non-financial support to Micro, Small and Medium Enterprises (MSMEs).

The partnership targets SMEs that are members of KNCCI.

The Memorandum of Understanding (MoU) between the two entities was signed at the Busia Youth Polytechnic Ground on the sidelines of the Lake Region Economic Block Private Sector Forum.

During the event attended by Agriculture CS Peter Munya and Trade CS Betty Maina Stanbic Bank's head of business and commercial clients, Florence Wanja said the partnership agreement plays a role in reinforcing the bank’s commitment to empowering MSMEs in the region and across the country.

"As an institution, we remain committed to solving holistic needs of our SME client segment and partnering for sustainable growth. SMEs contribute more than 30 per cent of Kenya’s Gross Domestic Product (GDP) and create close to 50 per cent of new jobs every year,” she added.

On his part, Silivanus Mbogo Abungu, Chairman Kenya National Chamber of Commerce and Industry Busia, said the partnership with the bank is an endorsement to fruitful collaboration over the years which will be of great support to MSMEs in the region.

“As a chamber, our focus is on building a vibrant and prosperous business community in the region and across the country. We remain committed to empowering our members in all possible ways. The agreement with Stanbic bank will ensure they have an array of solutions in their enterprises,” he said.

According to its data, Stanbic bank has issued loans worth Sh844 million to women entrepreneurs through the DADA proposition. 

The bank has also collaborated with the Ministry of Industrialization and Enterprise Development to launch the FutureNiDigital campaign that has successfully equipped 50,807 businesses and individuals with digital skills.

The bank has also partnered with the United States African Development Foundation (USADF) to provide small businesses with access to markets and affordable financing while exposing them to digital technologies through a joint Sh1 billion grant fund and have so far issued Sh33 million to MSMEs, cooperatives and producer groups in Kenya to help them grow their businesses.   BY THE STAR