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Banking sector to hold week-long Inua Biashara summit for MSMEs

Banking sector to hold week-long Inua Biasha summit for MSMEs

The Kenya banking industry under the umbrella of the Kenya Bankers Association (KBA) will host the second Inua Biashara Summit for Micro, Small and Medium-sized Enterprises (MSMEs) from June 22, to 29, 2021.

Ten speakers from the public and private sector are confirmed to engage MSMEs from across the country during the week-long virtual Summit which will set the stage for the industry to celebrate the resilience of businesses as the world marks the International Day of MSMEs on June 27, 2021.

The Summit will kick off with the launch of a novel Blended Finance partnership jointly developed by KBA, Financial Sector Deepening Kenya (FSD-K), and the Kenya Climate Innovation Center (KCIC) on Tuesday, June 22, 2021.

The June 22 event will be followed by a three-day virtual tradeshow that will enable banks to showcase their products and services to customers through digital engagement booths.

The Inua Biashara Virtual Tradeshow is an innovative platform that allows banks to showcase their offering to SMEs in a contactless manner, mindful of the current COVID-19 pandemic.

Anne Mutahi, the SME Advisor to the President of Kenya, will officially open the Inua Biashara Virtual Trade Show on  June 24, 2021.

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The occasion will be a build-up to the Inua Biashara Event set for June 25 and officiated by Hon. Eric Wafukho, Chief Administrative Secretary (CAS) National Treasury and Planning, Ms. Rebbecca Mbithi, CEO, Family Bank, and Dr. Habil Olaka, CEO, KBA.

On the same day, banks will participate in a Movable Assets Registry Training Workshop.  The Workshop will seek to promote uptake of the registry which was introduced by the Government to facilitate access to finance for SMEs with non-conventional collateral.

The week-long activities will culminate on June 29 with the release of the 2021 KBA MSME Survey Report that has been undertaken by the KBA Center for Research and Policy jointly with the Japan International Corporation Agency (JICA).

KBA Chief Executive Officer Dr. Habil Olaka, said that “as an industry that promotes enterprise development, banks are working closely with the National Treasury and the Central Bank of Kenya through the National Credit Guarantee Scheme which seeks to accelerate MSME access to credit during this disruptive pandemic period.”

“We believe MSME recovery and resilience can be catalysed by their ability to borrow from financial intermediaries at affordable interest rates with low collateral requirements, which is why we commend the Government and the participating banks for collaborating to help SMEs rebuild from the health crisis,” he said. Currently, the credit guarantee banks are Absa Bank, Co-Operative Bank, Credit Bank, DTB, KCB, NCBA and Stanbic Bank.

The Summit’s theme is ‘Celebrating SME Resilience in Turbulent Times.’

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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