59th Kenya National Chamber of Commerce and Industry AGM

The Ps graced the 59th AGM of Kenya National Chamber of Commerce and Industry during their Annual General meeting held at Bomas Kenya. During the event, Ps Susan Mangeni urged participants to take advantage of key government initiatives such as the Hustler Fund, emphasizing on its role in empowering individuals at the bottom of the economic pyramid by providing access to affordable credit. 

Despite the MSME sector receiving policy attention since independence, the sector continues to grapple with challenges revolving around access to credit, infrastructure, access to markets due to market barriers, low adoption of technology and innovation, among others. The Government at both National and County levels have put in place measures through a multifaceted approach to support growth of the sector.

The Government has rolled out different financial mechanisms to support Msmes growth. For instance, The Financial Inclusion Fund has been remodelled around credit scoring to ensure gradual growth in credit access.  This offers an opportunity to those at the bottom of the economic pyramid establish small enterprises.

Ps Susan Mangeni also announced that a new product dedicated to the Micro, Small, and Medium Enterprises (MSMEs) sector will be launched later this month. This new initiative will further strengthen the government's efforts to support and empower the MSME sector, which is a critical driver of economic growth and job creation in Kenya. Additionally, she called for collaborations in mainstreaming technology transfer. “By investing in innovation, we are laying the foundation for a knowledge-based economy that can compete on the global stage”

Micro, Small and Medium Enterprises (MSMEs) are the backbone of our economy, contributing significantly to employment generation, innovation, and GDP growth. The sector plays a catalytic role in driving inclusive and sustainable economic development in Kenya while creating positive social change. SMEs are the largest employers in Kenya, providing jobs to over 80% of the working population.

The MSME Sector provides an innovation hub, often developing new products, services, and business models that drive economic growth. The sector fosters entrepreneurship, which is essential for a dynamic and competitive economy. 
KNCC has been instrumental in advocating for the removing of various business bottlenecks and led the discussion around the African Continental Free Trade Area (AfCFTA)and has ensured that Kenyan Business have a competitive advantage at the Intra-African trade.