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The Kenya Private Sector Alliance (KEPSA) today hosted the inaugural Annual SME Conference, Awards, and Exhibition in Nairobi, providing a platform for innovative financing and accelerated business growth solutions for small businesses. The conference showcased market solutions, fostered connections for scalable projects, and facilitated discussions on collaborative solutions from various stakeholders.
The event was graced by Hon. Wycliffe Oparanya, Cabinet Secretary for Cooperatives and MSMEs Development, and brought together more than 800 participants, including entrepreneurs, industry experts, investors, policymakers, government representatives, financial institutions, business support organizations, corporations working with SMEs, market intermediaries, technology providers, academia, research institutions, and the media.
The conference, themed βUnlocking Financing and Scaling up Innovations for Accelerated Growth,β featured an award ceremony recognizing SME enablers and innovators, and also saw the launch of the MSME Financing Gateway, a revolutionary digital platform tailored to address the unique challenges faced by MSMEs in securing financing.
Hon. Oparanya highlighted the status of the SME policy environment in Kenya, including regulatory reforms and strategic opportunities aimed at empowering SMEs. He mentioned various government interventions, such as the Credit Guarantee Scheme (CGS), which has so far unlocked Ksh 6.18 billion to MSMEs, with 71% of the guaranteed facilities extended to new borrowers.
The CS also applauded KEPSA for designing the MSME Financing Gateway, which aims to bridge the financing gap for MSMEs and empower them to thrive and contribute to economic development. He reiterated his ministryβs commitment to fostering the growth and development of MSMEs in collaboration with KEPSA and other stakeholders.
Carole Kariuki, KEPSAβs Chief Executive Officer, emphasized KEPSAβs dedication to driving sustainable growth and innovation, ensuring a positive impact on Kenyaβs economic and social prosperity.
The MSME Financing Gateway, in its second phase under the EU-EAC MARKUP, will allow users to access financing instruments and business services tailored to their needs. The platform will be instrumental in supporting MSMEs to thrive and contribute to the economic development of their communities.
The conference also recognized nine SMEs for exemplary innovations and awarded six SME enablers for their contributions to the growth and success of SMEs. The event delved into SME financing in Kenya through the 4 Aβs approach: Accessibility, Affordability, Acceptability, and Awareness, highlighting market opportunities for SMEs locally, regionally, and internationally.
