Stakeholders commend MSMEs training

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Stakeholders have lauded a two-day financial literacy and market access training organized by the Micro and Small Enterprises Authority (MSEA), Kenya Bankers Association (KBA) and Equity Group Foundation, saying it has equipped micro, small and medium enterprises (MSMEs) operators with knowledge and skills to grow and sustain their businesses.

The training, which concluded on Friday in Eldoret, Uasin Gishu County, brought together more than 150 MSMEs as part of efforts to bridge gaps in financial literacy, access to finance and markets.The engagement sought to strengthen MSMEs through improved access to information, financial services, enterprise development programmes, markets and business support opportunities.

It brought together government agencies, financial institutions and private-sector stakeholders to provide entrepreneurs with practical tools for improving business management, financial preparedness and market readiness.

Speaking during the forum, MSEA North Rift Regional Coordinator CPA Alton Kogo gave an overview of the Authority and its programmes, including the Kenya Jobs and Economic Transformation (KJET) and National Youth Opportunities Towards Advancement (NYOTA) programmes.

Kogo said the training was designed to give MSMEs practical insights into available government programmes and institutions that can support enterprise development.

He urged entrepreneurs to take advantage of opportunities offered by MSEA, Kenya Industrial Estates (KIE), the Youth Enterprise Development Fund, Women Enterprise Fund and other institutions supporting MSMEs.

The participants were also taken through the objectives and key interventions of the programme by Ms Wangui Njee, from MSEA, who highlighted the importance of collaboration between MSMEs, government agencies, financial institutions and other stakeholders in promoting business growth and sustainability.

Financial literacy and inclusion formed a major component of the training, with participants receiving guidance on banking and financial services through Equity Group Foundation and Equity Bank.

They were trained on budgeting and financial planning, developing a savings culture, action planning, financial inclusion and opening and managing business accounts.

The programme also covered financial instruments and tools for businesses, preparedness for accessing finance, marketing, e-commerce and insurance.

“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,” noted CPA Kogo.

The organizers said the sessions were intended to enable MSMEs to make informed financial decisions, strengthen their operations, identify appropriate financial products and use digital platforms to market their goods and services.

MSEA also engaged the entrepreneurs on market access, enterprise formalization and policy issues affecting the growth of small businesses.

The entrepreneurs were encouraged to formalize their businesses to improve their chances of accessing financial services, government programmes and other business opportunities.

They were also invited to participate in the forthcoming East African Community (EAC) Expo, which will provide opportunities to showcase their products, access new markets and establish business networks.

As part of the programme, 30 MSMEs were selected by the Equity Group Foundation for further mentorship and support in accessing markets and finance.

The selected enterprises were awarded certificates during a ceremony presided over by Moiben Member of Parliament Prof. Phylis Bartoo.

Bartoo lauded the initiative, saying targeted support for MSMEs was critical in empowering women and youth entrepreneurs while creating employment opportunities.

She challenged unemployed young people who have attained at least secondary school education to consider entrepreneurship instead of remaining idle at home.

The legislator said the MSME sector remained a key pillar of the Kenyan economy and urged young people to explore self-employment opportunities by venturing into viable businesses.

She reaffirmed the government’s commitment to supporting MSMEs, which she said employ nearly 15 million people, account for more than 80 per cent of the country’s workforce and contribute between 33 and 40 per cent of the Gross Domestic Product.

Kenya Bankers Association Director of Research and Policy Dr Samuel Tiriongo said the association was committed to supporting MSME growth by expanding access to affordable credit, providing capacity-building programmes and developing strategic partnerships with government agencies.

Tiriongo urged entrepreneurs to formalize their businesses, saying registration and proper business records would enable them to be recognized and benefit from various government and financial-sector programmes.

He revealed that KBA has trained over 70,000 Micro, Small, and Medium Enterprises (MSMEs) across all 47 counties in Kenya through its Inuka capacity-building initiative.

He said stronger collaboration between banks, government agencies and MSMEs was necessary to address challenges that continue to limit access to finance and markets.

The training also provided a platform for entrepreneurs to interact directly with representatives from the financial sector and other institutions, enabling them to seek clarification on financing, savings, insurance, marketing and enterprise development.

“The strong turnout demonstrated the growing demand among MSMEs for information on financial services, markets and business support programmes,” organizers said.

Among the beneficiaries were welder and fabricator Anne Chepkoech and Elijah Kiambati, a Jua Kali artisan and leader of the Affordable Jua Kali Association in Uasin Gishu County.

They said the training had provided them with valuable information on financial access and management that would help them improve their businesses.

The entrepreneurs said they would apply the knowledge gained to better plan their income and direct resources towards meaningful priorities, including reinvestment, savings and meeting household needs.

The organizers said the partnership between MSEA, KBA and Equity Group Foundation demonstrated the importance of combining enterprise development, financial expertise and mentorship to create a stronger ecosystem for MSMEs.

They noted that improving the capacity of entrepreneurs while connecting them to finance and markets would enhance the sustainability of small businesses and contribute to job creation and economic growth.

The initiative is part of broader efforts to formalize, finance and strengthen Kenya’s MSME sector, which remains a major source of livelihoods and employment across the country with Uasin Gishu being one of the pilot counties selected for the first phase of the partnership, with similar training programmes expected to be conducted in other counties.

By Ekuwam Sylvester

Reporting originally appeared via Kenya News Agency. Read the full source for additional context.