Micro, Small, and Medium Enterprises are the drivers of the Kenyan economy with data from the Kenya Association of Manufacturers revealing that SMEs make up to 40 percent of Kenya’s Gross Domestic Product.
KAM however reveals that this sector of the economy mostly specializes in low- value addition and thus their contribution to production is minimal.
“Essentially, many small businesses are part of a huge informal economy which may seem to offer relief for their short-term challenges but in the long run, minimizes their potential for growth, access to wider resources and markets – and ultimately limits their socio-economic impact, “said a source by KAM.
Supporting such a sector of the economy is therefore very critical and that is why the Co-operative bank of Kenya has been at the forefront in ensuring SMEs are well taken care of.
In the last three years, Co-op Bank in partnership with International Finance Corporation (IFC) has been conducting research work to clearly understand the Micro, Small, and Medium Enterprises (MSMEs).
The survey helped the bank come up with solutions to provide and support MSMEs but also help them align with the existing and emerging opportunities.
The solutions include MSME Account Packages (Bronze, Silver & Gold), mobile loans, unsecured & secured loans/overdrafts, Supply chain financing, Insurance solutions, payment solutions, and Non-Financial services (Training, networking, and International exposures).
In the wake of the Covid-19 pandemic, SMEs are also the most hit businesses when it comes to survival and as well meet the needs of their customers. Survival has only been left for Businesses that have embraced e-commerce solutions.
But as Co-op Bank customers, surviving this tough time could be possible if you consider the E-commerce solutions that the Bank has in store for you.
Co-op Bank’s E-commerce solutions include MCo-op Cash app, Online Card Payments, POS/PDQ machines, and MPesa Till Numbers which you will use to receive cashless payments from customers directly to your bank account.
Loans are also available to cushion you during this time through the Mco-op Cash App.
These are among the best solutions right now as they are convenient for most customers as well as your business. Join the E-commerce solutions by Co-op bank today and be part of the team to spread the good news to others.
Learn more about the solutions by visiting the website https://msme.co-opbank.co.ke/business-solutions/