- MSEA and KBA are training women and youth entrepreneurs on financial literacy and business management.
- The programme aims to improve MSMEs’ access to affordable finance, markets and business information.
- Thirty MSMEs will receive mentorship through the Equity Bank Foundation, with the programme set to expand nationwide.
Micro and Small Enterprises Authority (MSEA) has strengthened its partnership with the Kenya Bankers Association (KBA) to equip women and youth entrepreneurs with financial literacy and business management skills.
The initiative is aimed at improving access to affordable financing and supporting enterprise growth. A two day training was held at Sirikwa Hotel in Eldoret City, Uasin Gishu County, bringing together women and youth entrepreneurs, sector leaders and selected beneficiaries of the National Youth Opportunities Towards Advancement (NYOTA) programme.
Speaking during the training, MSEA North Rift Regional Coordinator CPA Alton Kogo said the initiative was aimed at addressing information gaps that prevent many micro, small and medium enterprises (MSMEs) from accessing financial services and expanding their businesses.
Kogo said some entrepreneurs struggle to secure financing because they lack adequate information on available financial products, eligibility requirements and opportunities offered by banks.
“There is a gap already in the market in access to information, especially on financial access, market access and financial literacy,” Kogo said.
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He said the partnership with KBA would enable entrepreneurs to better understand financial services and acquire knowledge to make informed business decisions.
“Sometimes we find the MSMEs cannot reach their limits basically because of the challenge of access to finance. Through this partnership, we are trying to bridge this gap and bring this information to the MSMEs and the entire MSME ecosystem,” he said.
The training covered key areas including access to finance, marketing, budgeting and planning, record keeping, financial literacy and other aspects of business management.
Participants were also introduced to opportunities available through government programmes, including the Kenya Jobs and Economic Transformation (KJET) project and NYOTA, which seek to support enterprise development and employment creation.
As part of the initiative, 30 selected MSMEs will participate in a mentorship programme supported by the Equity Bank Foundation. The programme is expected to help beneficiaries strengthen their businesses, identify suitable financial products and explore new markets.
Kogo said MSEA would follow up with the selected beneficiaries to ensure they benefit fully from the mentorship and available opportunities.
He added that MSEA was particularly focused on supporting young entrepreneurs, manufacturers and small-scale manufacturers through technical assistance, business information and opportunities to increase production and create jobs.
The 150 participants are expected to receive certificates after completing eight training modules jointly developed by MSEA and KBA.
Kogo said the programme is part of a national initiative being rolled out across the country, with Uasin Gishu among the pilot counties selected for the first phase.
“This is a partnership initiated from Nairobi by the authority through the CEO and the Kenya Bankers Association to be rolled over to the whole country,” he said.
Kogo said sustained collaboration between government agencies, financial institutions and private sector organisations would be essential in removing barriers facing small businesses and creating a more supportive environment for enterprise growth.
By Bernard Magada
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