By Andrew Walyaula
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 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, an event which was graced by Agriculture CS Peter Munya and Trade CS Betty Maina, targets MSMEs that are members of KNCCI.
Stanbic Bank Kenya Head of Business and Commercial Clients, Florence Wanja, said that the partnership is vital in reinforcing the bank’s commitment to empowering MSMEs.
“Stanbic Bank Kenya has continued to play a major role in our country’s economic development, and this is in line with our purpose, which is to drive Kenya’s growth. As an institution, we remain committed to solving holistic needs of our SME client segment and partnering for sustainable growth,” she added.
“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.”
Chairman Kenya National Chamber of Commerce and Industry Busia Silivanus Mbogo Abungu said that the partnership will see fruitful collaboration over the years, which is important in supporting MSMEs.
“As a chamber, our focus is on building a vibrant and prosperous business community in the region and country. We remain committed to empowering our members in all possible ways,” he said.
Stanbic Bank has 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.
According to its data, Stanbic bank has issued loans worth Sh844 million to women entrepreneurs through the DADA proposition.
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 has so far issued Sh33 million to MSMEs, cooperatives and producer groups in Kenya to help them grow their businesses
