Kenya’s SMEs Poised for Growth with Renewed Government and Bank Support
NAIROBI, Kenya, June 30 – The Government in liaison with Equity Bank, has committed to supporting Small and Medium-sized Enterprises (SMEs) through enhanced capacity building, improved access to financing and expanded market opportunities.
Held at the Kenya Institute of Curriculum Development (KICD) in Nairobi the conference brought together key players from the private and public sectors to exchange ideas and offer practical solutions to the challenges faced by SMEs and MSMEs.
Cabinet Secretary for Cooperatives and MSMEs Development, Wycliffe Oparanya while speaking at the second edition of Annual SME Conference (Awards and Exhibition) underscored the critical role SMEs play in Kenya’s economic landscape.
“SMEs make up over 90 percent of Kenya’s economy and provide employment for millions. They represent the hope of our people and the resilience of our nation,” said Oparanya.
The CS acknowledged some of the challenges the subsector faces and highlighted key areas the ministry has prioritized, including reforms aimed at empowering MSMEs and SMEs.
These include streamlining cooperative societies, digitizing registries and enhancing transparency and trust in the subsector to the end ministry has launched “MSMEs Connect” in collaboration with the Kenya Private Sector Alliance (KEPSA), bringing together over 1,000 MSMEs in a public-private platform that supports coordination, policy shaping and resource sharing across all 47 counties.
Equity Bank Kenya Managing Director, Moses Nyabanda, reiterated the bank’s long-standing support for SMEs stating that the institution is scaling up initiatives to help small businesses access financing and grow to access global markets.
“At Equity, we hold SMEs dear, they are vital jobs creators, especially in manufacturing we are committed to helping them realize their potential and scale up their operations,” stated Nyabanda.
Mr. Nyabanda further highlighted the establishment of the German Desk and other European/regional market desks in the works, as a move to support SMEs in accessing international markets.
He emphasized the need for SMEs to formalize their operations, adopt sound governance structures, digitize their business processes and build resilient, sustainable models.
KEPSA Director of SME and Start-Ups Mary Ngechu reiterated the pivotal role SMEs play in driving the economy and called for deliberate support, particularly for women-led enterprises.
“We must support SME growth through strategic financing, capacity building, and digital enablement, this includes gender mainstreaming to uplift women-led businesses,” she said.
Ngechu urged SMEs to embrace digital trade, e-commerce and data-driven decision-making rather than relying on assumptions and the importance of leveraging market intelligence and partnerships to unlock new growth frontiers.
In addition, Equity Bank Kenya Director for SMEs, Collins Wanyonyi, reassured customers of the bank’s continued support emphasizing that its commitment to market access and ecosystem development.
“Through over 20 trade missions, mainly to the DRC, we’ve seen the highest growth in trade partnerships with Kenya. We’re also empowering SMEs through value chain-focused training in webinars,” he said.
