NAIROBI, Kenya, Feb 13 – Sidian Bank has signed a Memondurum of Understanding with Kenya National Chamber of Commerce and Industry to establish SME Hubs in the bank’s branches where budding entrepreneurs will get support to build their businesses.
The bank’s CEO Chege Thumbi says the hubs will provide a common meeting place where KNCCI members can come together to exchange ideas, hold consultative forums while tapping into the bank’s business expertise.
Those who stand to benefit include the 17,000 KNCCI members spread across the country who specialize in imports and exports.
“Partnering to empower SMEs by setting up the within the branches will yield tangible results in the shaping, developing and addressing the need of entrepreneurs in Kenya,” Thumbi said.
The hubs will be established in the course of the next five years, with the first to be unveiled in a month’s time at Sidian Bank’s Kenyatta Avenue Branch.
“The hubs are part of our contribution to the realization of Vision 2030 goal of creation of a competitive and prosperous Kenya. SMEs are expected to be a major driver for the attainment of this goal,” KNCCI Chairman Kiprono Kittony said.
The move comes at a time when Kenya, along with the rest of the Sub-Saharan region has been singled out as the leading source of entrepreneurs worldwide – especially women – by Global Entrepreneurship Monitor.
According to the 2016/2017 report, Sub-Saharan Africa has the highest number of female-owned businesses at 11 percent due to high start-up levels.