ABSA Bank Kenya has set aside Sh100Billion in the next three years for funding of the Micro, Small and Medium Enterprises (MSMEs) in order to help grow these enterprises in the country.
ABSA Bank Kenya Head of Micro, Small and Medium Enterprises (MSMEs) Erastus Muthura said the funding is tailored to boost the MSMEs in the education, agriculture, health, manufacturing and trade.
To this end, Muthura said through the ABSA Foundation, his organization will train and build Capacity for 50,000 business people so that they can partake of these available funds in order to expand their businesses.
“They will be able to restructure their businesses and have systems in place to help them to deal with the changing needs in the market and economic environment,” he stated.
Muthura was speaking in Naivasha during the ABSA Bank stakeholders` meeting, which drew participants from Naivasha Sub-County, Nakuru County and its environs to chart a way forward on how the bank can help them enhance their enterprises. Similar forums will be held all over the country.
He underscored the importance of MSMEs to the economy of the country, saying their contribution to economic growth and employment cannot be ignored.
The bank official noted that Kenya came out of Covid-19 pandemic which was followed by other disasters such as drought and floods and hence his bank was willing to help the affected MSMEs to be back on their feet.
“All we need to do is to train the businessmen and women to understand the market needs and dynamics and be able to meet these emerging needs and demands, said Muthura, noting that marketing dynamics are changing everyday as customer needs change.
He observed that there was need for Insurance policies in the country that can address all these issues of climate change, access to finance for businesses among others issues and his bank intends to do this by bringing all players on the roundtable in what he call eco-system -led approach.
In view of the emerging challenges affecting businesses, he advised their customers who are having issues in servicing their loans to approach the bank to discuss the issue and find a solution, adding that each business has unique issues.
Business lady Judy Wangechi Njenga on her part called upon the governments to look into various issues such unpredictable economic environment, high taxes, and high electricity costs among others that make it difficult for businesses to operate in the country.
She also called on banks to make their facilities more accessible to businesspeople and also urged them to come up with women-specific financial facilities
ABSA Bank Kenya Public Limited Company (PLC) is part of ABSA Group Limited, an African financial services group that that has been operating in Africa for several decades now.
ABSA, which stands for Amalgamated Banks of South Africa Limited was formed in 1991 through the merger of UBS Holdings, the Allied and Volkskas Groups, and certain interests of the Sage Group.
It`s listed on the Johannesburg Stock Exchange (JSE) in South Africa and is one of Africa’s largest diversified financial services groups, with a presence in 12 countries across the continent.
By Mabel Keya – Shikuku
