- March 17, 2023
- 3 minutes read
Stanbic Bank and Foundation To Empower MSMEs In Uasin Gishu
Stanbic Bank and Foundation in partnership with the German Development Cooperation are implementing the MSME resilience program. The Program, which…
Stanbic Bank and Foundation in partnership with the German Development Cooperation are implementing the MSME resilience program.
The Program, which was launched in 2022, is aimed at accelerating business recovery and growth of small enterprises post the COVID-19 Pandemic.
Facilitated through workshops, participants of the program have been trained in Business resilience, Digital sales and marketing, financial management, people management, access to markets and new value chains as well as legal and compliance requirements.
Through the program, businesses have also received mentorship and coaching enabling them to apply the knowledge acquired in their businesses. 108 MSMEs in Uasin Gishu have had Access to affordable finance as part of the program.
Today we celebrate the graduation of 212 entrepreneurs in Uasin Gishu County who have gone through a one-week capacity-building training.
Speaking during the graduation ceremony, Joshua Oigara, Chief Executive, Stanbic Bank Kenya, and South Sudan said, ‘’ MSMEs are the largest contributors to the country’s workforce and generate a substantial part of the country’s GDP. However, MSMEs remain the most vulnerable to economic shocks owing to limited access to resources including financing. This is further exacerbated by a lack of exposure to relevant knowledge and skills for sustained business growth.
Stanbic Kenya Foundation is working to bridge this gap by supporting MSME capacity building across different counties in the country. Launched in 2021, we have received positive feedback from participants of the program in Uasin Gishu and look forward to seeing these enterprises boost the county’s local economy as well as that of its neighbors. We are grateful for the support we have received from the County Government of Uasin Gishu and look forward to further supporting MSME growth in the county.’’ He concluded.
The program, implemented in partnership with GIZ’s Employment and Skills for Development in Africa – E4D program is geared towards MSMEs in the services, trade (small traders), agriculture, manufacturing, and construction sectors and is being rolled out across various counties including Uasin Gishu County. Participants of the program will also receive post-program support including access to finance to ensure sustained growth.
“Supporting businesses to refine their strategies, access new markets and financing as well as strengthening their capacity to innovate and align with changes brought on by COVID-19 are building blocks towards ensuring the sustainability of the businesses and employment creation – and this is a priority for us”, said Thomas Jaeschke, Head of the E4D Programme in Kenya.
The program adds to other Stanbic Kenya Foundation initiatives which have been implemented to enable MSMEs to rebuild their enterprises post the pandemic by leveraging business knowledge and digital technologies.
To date, the Foundation has disbursed over KES 178 million) in grants and catalytic funding to over 427 MSMEs in the country.