Launch of Turaco Microinsurance supporting MSMEs

The Principal Secretary for the State Department for Micro, Small and Medium Enterprises and Development, Susan Mang’eni has urged financial institutions to consider and trust MSMEs as a way of increasing their financial resilience.

The Ps, speaking during the launch of Turaco Microinsurance, stressed that financial access remains the greatest barrier in the MSME sector stifling growth and scalability thus hampering their potential to generate more jobs in the economy. 

‘’Time has come for financial institutions to trust our MSMEs, lend them more because our economy relies heavily on them.’ She noted.
To address high levels of financial illiteracy, the Ps has called on the financial institutions to go beyond financing as the only focus and invest in capacity building programmes as well as market development for their beneficiaries to enhance their ability to borrow and repay. 

‘‘Majority of MSMEs are youth and women owned. There’s a need to contextualize our interventions and our financing models to fit their needs. The future is the youth, who are innovative and creative, yet they lack collateral.’

Mang’eni has applauded Turaco for making microinsurance as an integrated part of the financial products they offer and ensuring customers can repay loans, continue to save even if the face of financial shocks drives inclusive growth for households and business growth for financial institutions.  
Our goal as a State department is to create an environment that nurtures entrepreneurial endeavors, propels economic growth, and empowers every level of Kenyan society.