Government Boosts MSME Growth with Digital Financial Inclusion and Trade Financing
0
0
The Kenyan government is stepping up efforts to support Micro, Small, and Medium Enterprises (MSMEs) through enhanced financial inclusion, trade financing, and updated sector data. Speaking at the World Chambers Federation forum, Principal Secretary for Micro and Small Enterprises Development, Susan Mang’eni, outlined key initiatives aimed at addressing MSME challenges.
A top priority is updating the MSME database, which has remained unchanged since 2016. The new survey will provide accurate, region-specific data to inform policy decisions and better support small businesses. “We have relied on outdated data for too long. It’s time for more relevant, actionable insights,” said Mang’eni.
The government is also focusing on improving access to trade financing, allowing MSMEs to expand into global markets. Digital inclusion is a key component, with initiatives ensuring affordable devices for entrepreneurs to engage in digital trade.
One of the most impactful programs is the Hustler Fund, which has already created credit profiles for 26 million Kenyans, enabling access to formal financial services. Women, in particular, have demonstrated strong credit behavior, using their profiles as collateral for mainstream financing. “This fund has transformed financial access, giving millions an opportunity to build creditworthiness and secure funding,” Mang’eni noted.
With these initiatives, the government is committed to fostering an inclusive financial ecosystem, empowering MSMEs, and driving Kenya’s economic growth.
About The Author
