Strong leadership key to SME growth, says EA Hub’s Ignace Rusenga
While lack of financing is a key impediment to the growth of SMEs on the continent, strong leadership is a key component to sustainable growth of small businesses. CNBC Africa’s Steven Muvunyi spoke to Ignace Rusenga, Principal Country Officer at EA Hub Kenya for more.
Tue, 18 Jun 2019 14:49:07 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Access to financing is a key challenge for SMEs globally, hindering their growth and innovation.
- Strong leadership is essential for the success and longevity of SMEs, especially in the face of challenges.
- Strategic interventions, such as collaboration with financial institutions and targeted support, can empower SMEs to thrive and contribute to economic growth.
Small and Medium Enterprises (SMEs) are crucial drivers of economic growth, providing the majority of jobs across various sectors globally. However, access to financing remains a significant challenge for many SMEs, hindering their ability to grow and innovate. In a recent interview with CNBC Africa, Ignace Rusenga, Principal Country Officer at EA Hub Kenya, emphasized the importance of strong leadership in ensuring the sustainable growth and success of SMEs. Rusenga, who works with a development finance institution that focuses on funding SMEs, highlighted the untapped potential of women and youth-led businesses, stating that the market for SMEs represents a significant opportunity for economic growth. With SME financing being a key focus area for development finance institutions, Rusenga stressed the need for a sustainable approach to financing SMEs, one that goes beyond merely providing capital. He discussed the importance of collaboration with financial institutions and the use of guarantees and credit lines to enable banks to lend to SMEs more effectively. By sharing the example of the education sector in Rwanda, where private sector involvement was facilitated through guarantees, Rusenga demonstrated how strategic interventions can create lasting impact and empower SMEs to grow and thrive.
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