Absa Bank Lands In Kisumu To Engage With SMEs

Absa Bank Kenya will this week be holding a series of training and engagements in the Western Part of Kenya including Kisumu, Kisii, Bungoma, Kitale, and Eldoret, in an engagement that is tailored towards empowering SMEs.

In partnership with the Kenya National Chamber of Commerce and Industry (KNCCI), Absa Bank is providing coaching and mentorship to women-owned businesses across the counties as well as creating healthy partnerships for their growth.

There is no doubt that Small and Medium-sized Enterprises (SMEs) form an integral part of the Kenyan economy. About 86 percent of annual jobs are created in the sector as well as contributing about 45.5 percent to the country’s gross domestic product (GDP).

Absa Bank Kenya is at the forefront of championing and enhancing the growth and success of both MSMEs and SMEs in Kenya. It provides innovative solutions and interventions to ensure they meet their urgent need for growth and sustainability.

The interventions are offered through practical tools, training, and coaching – aimed at helping both early-stage and established SMEs across Kenya thrive.

For instance, in 2021, Absa Kenya launched the SHE Stars program to offer business skills to female entrepreneurs running small enterprises. Absa aimed to address business gaps and training needs that women entrepreneurs face through the program.

It further launched the She Business Account, allowing women-owned businesses to access funds through banking products such as unsecured and secured loans, trade finance, asset finance, property finance, and working capital facilities.

The She Business Account enables women to access unsecured lending of up to 10 million shillings, payable over 5 years for existing borrowers and 7 million for new borrowers payable in 4 years.

Related Content: Ways in which MSMEs Can Access Credit, Mentorship, and Training Through Absa