International MSME Day

This year, InternationalTrade Centre (ITC) marks the fifth anniversary of the International MSME Day. Micro and Small Medium Enterprises (MSMEs) are the driving force behind world economies. They account for more than 70% of businesses and over half of the jobs around the world.

In Kenya, there are nearly 7.5 million MSMEs, accounting for 40% of the country’s GDP. MSMEs are defined in different contexts. According to KIPPRA, they are defined as enterprises that have 1-99 employees. Micro enterprises have less than 10 employees; small enterprises have 10-49 employees while medium sized enterprises have 50-99 employees.

However, most of these MSMEs, about 80%, are not licensed, and as a result, there is a great need to licence and formalise these businesses. President Kenyatta’s directive to ministries to devise SME specific strategies was a welcome boon for the sector.

As a financial services provider, we have made strides to tap into MSMEs to create a conducive environment for businesses to scale up, formalise, gain access to funding and achieve their potential. By collaborating with partners such as ITC SheTrades and Tactive Consulting, we have been able to train business owners to strengthen their organisational structures and to align their businesses to achieve their main goals and objectives.

This has been achieved through our robust Women Markets program, as part of our commitment to the UN Women empowerment principles and contribution to the SDGs agenda. We firmly believe that today’s MSMEs are the multinationals of tomorrow.

This year’s theme is Resilience and Rebuilding in the wake of the pandemic, which will be achieved through a focus on women, youth, digital and green initiatives. When we support MSMEs we power sustainability, inclusivity and prosperous economies.

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International MSME Day

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