SMEs are engines of growth, vital to most economies globally and importantly in the Sub Saharan Africa. Research suggests that micro businesses and SMEs account for 95% of firms in most countries. They create jobs, contribute to GDP, aid industrial development, satisfy local demand for services, innovate and support large firms with inputs and services. In Africa, SMEs create 80% of employment, establishing a new middle class and stimulating demand for new goods and services. In Asia, the regional and global economic slowdown has raised the need for a new growth model, strengthening business and economic opportunities for SMEs to boost national productivity and social welfare. With this in mind, KNCCI Mombasa and Gulf Africa Bank have found it important to enter into a mutual agreement that will be geared toward supporting SME’s upscale their operations In Mombasa County.
Identified Areas of Collaboration
The identified areas of corporation between KNCCI and GAB will include but no limited to:
- Improving reach for GAB and KNCCI-Mombasa County Branch from membership database in the following sectors:General Trade & Commodities, Telecommunication, Health, Agribusiness, Construction, Legal, Education and Clearing and Forwarding and/or any other areas that may be mutually identified by GAB and KNCCI-Mombasa County Branch.
- Jointly organising business events like Expos and forum that will add value to this MOU.
- Provision of financing for qualified SME’s that are members of the chamber to grow and sustain their business.
- Enhancement of relations and Strategic partnerships such as GAB’s partners: UNWomen, Women on Boards Network, Law Society of Kenya, African Centre for Transformative and Inclusive Leadership.
- Provision of training and skills enhancement for chamber SME’s in GAB SME training Hub’s situated at Bondeni in Mombasa County.
This MOU comes as a result of the resolutions passed during the SME conference organized by KNCCI, Mombasa Chapter in September 2017, where the two crucial issues identified as major challenges by SMEs in Mombasa were Capacity Building/ Training and Financing.
After signing this MOU today, 260 SME companies registered as members of the chamber of commerce and industry will have access to training at the GAB SME training Hub located at Bondeni after which they can access financing to scale up their businesses.
The chamber is committed to ensure that we find partners like Gulf African Bank that can support our programs which are geared towards supporting our members businesses grow into large corporates in future.
