How to enhance competitiveness of SMEs in Kenya
According to the World Bank, Small and Medium Enterprises play a major role in most economies, particularly in developing countries. SMEs represent about 90 per cent of businesses and more than 50 per cent of employment worldwide. Marywin Kabaru, COO of SMELink joins CNBC Africa for more.
Wed, 15 Dec 2021 10:18:11 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
- SMEs in Kenya have faced challenges, including limited access to funding and scalability issues, exacerbated by the COVID-19 pandemic.
- The government and financial institutions are providing financial support and initiatives like the SMEs digital platform to help SMEs thrive in the digital age.
- Skills development and education are vital for equipping individuals with the tools needed to succeed in the business world and drive economic growth.
Small and Medium Enterprises (SMEs) are the backbone of most economies, particularly in developing countries, according to the World Bank. In Kenya, SMEs face various challenges, especially in light of the COVID-19 pandemic. Mary Wynne Kabaru, CEO of SME Link, sheds light on the landscape for SMEs in Kenya and the measures taken to support them. Despite facing hurdles such as limited access to funding and lack of scalability, there is hope on the horizon. The government and financial institutions are stepping up to provide financial assistance to SMEs, making it easier for them to survive and thrive. Initiatives like the SMEs digital platform are also helping SMEs transition into the online space, boosting their growth potential. However, there are still key challenges to address, such as funding, networking, and skills development. Education plays a crucial role in equipping young individuals with the necessary skills to succeed in the business world. Overall, the future looks promising for SMEs in Kenya, with a focus on innovation, sustainability, and collaboration.
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