Business
Small and Medium Enterprises (SMEs) in the coastal region have engaged in an empowerment business training programme by the ABSA bank in a bid to explore business opportunities and learn more about financial training.
In an event organized by the bank in a Mombasa hotel hosting entrepreneurs, industry experts and key stakeholders to discuss and explore business ideas and engagements for the SMEs, the business owners were provided with an opportunity to learn about the latest industry trends, financial solutions, and networking opportunities in order to encourage long-term business growth.
Speaking during a presentation on Wednesday, Absa Bank Kenya Chief Finance Officer Yusuf Omari said that the forum intended to increase interaction with SMEs by providing them with the knowledge and networks they need to navigate the ever-changing business landscape.
Omari noted that the coastal region, which relies heavily on tourism as their primary economic activity, contributes significantly to the country’s Gross Domestic Product (GDP). “Mombasa County, for example, anchors Kenya’s coastal areas’ economic purse, accounting for 4.9% of the country’s annual GDP in 2023, according to the Kenya National Bureau of Statistics’ (KEBS) Gross County Product Report,” he said.
He added that the adjacent coastal counties of Kwale, Kilifi, Tana River, Lamu, and Taita Taveta each contribute an average of 4.5%, with Kilifi adding 2.1%, according to the 2023 Gross County Product Report. Omari highlighted the bank’s efforts in walking with SMEs to ensure they scaled up their businesses.
He noted that they would ensure that the customers were able to achieve their goals, and especially those in business. He said the bank would provide the support and resources needed to empower businesses to grow and seize existing and new opportunities. “We are not just here to offer financial support, but to encourage businesses to grow wholesomely through different solutions such as strategic networking and capacity building forums,” he said.
Absa Bank Business Banking Director Elizabeth Wasunna addresses Coastal Region SMEs during an empowerment forum to explore business opportunities in the region.
Photos by Chari Suche.
He added that the institution has also organized similar business forums in the Mt. Kenya Region as well as Western and Rift Valley to serve as a critical resource for its business club members offering access to markets, information, coaching and mentorship, and sustainable finance.
On her part, Business Banking Director Elizabeth Wasunna said that supported by Internet, other business owners in different parts of the country were allowed to participate online for the training at the Absa bank business club. She said under the Wezesha caravan, they engaged SMEs in the coast region to speak about business because things are consistently changing in the sector.
She said the programme was to train SMEs to overcome business challenges, advance entrepreneurship by providing them with the tools and resources needed to upscale their businesses, promote resilience to thrive in today’s competitive business.
She noted that as a bank, they offered capital, facilities and loans and ensured business is going on well.
“Impairments really speak to the fact that people are unable to pay back loans. This is a challenge for banks and thus the need to ensure financiers educate SMEs on how to run businesses online, to ensure entrepreneurs understand regulations the businesses expect, how to get partners and expand on markets,” she said.
She added that the bank also holds business forums for SMEs with other business partners like the Kenya National Chambers of Commerce (KNCC) to provide an opportunity for markets. She urged all the upcoming entrepreneurs to join Absa business club to ensure they are supported, prepared for the industry to be able to grow.
She said under the financial training offered, business owners were empowered on ways to improve financial literacy and management skills, including increasing knowledge and uptake of the available government and private sector funding.