Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The forum aims to prepare and inspire young social entrepreneurs, policymakers and educational institutions to transform their passion for social change into action/COURTESY

Kenya

300 Social Entrepreneurs in Nairobi Summit for Impact!Africa Summit

NAIROBI, Kenya, Dec 5- Over 300 delegates have converged in Kenya for the Impact!Africa Social Entrepreneurship Summit to discuss ways of funding i

The forum aims to prepare and inspire young social entrepreneurs,
policymakers and educational institutions to transform their passion for social change into action/COURTESY

nnovations in Africa.

The Impact!Africa Social Entrepreneurship Summit being held at the Kenya School of Monetary Studies brings together social entrepreneurs from the public and private sectors to share experiences and exchange ideas on the best way to finance social enterprises.

This year is the third such forum following similar summits in Ghana and South Africa in 2017 and 2018 respectively.

The forum aims to prepare and inspire young social entrepreneurs, policymakers and educational institutions to transform their passion for social change into action.

The main theme of the summit is Collaborative Finance for Social Innovation and how to catalyze social innovation in Africa through, the Future of Financing for Social Innovation and Framework for Social Innovation.

The two-day summit is a partnership by the British Council and Ashoka to accelerate innovative solutions to Africa’s most pressing challenges by inspiring, supporting and connecting leading social entrepreneurs and key ecosystem players across countries, organizations, and sectors such as policy, social investment, business and media across Africa.

The British Council Regional Director for Sub Saharan Africa, Moses Anibaba says,”In 2018 at the Impact! Africa summit in South Africa, we got a taste of what could happen if you really bring social entrepreneurs together. “What we are doing this year is to provide a framework for social innovation to inspire people and let them know we have the solutions here and it’s all about how we leverage what other people are doing,” he said.

According to a British Council study in 2016, The State of Social Enterprise in Kenya social enterprise activity is gaining momentum in Kenya with an estimated 43,933 social enterprises in the country, many of them recently established and optimistic about the future.

The study also highlights a significant number of social enterprises had been supported by donations in cash or in-kind 37.4 percent.

Advertisement. Scroll to continue reading.

A greater proportion of female led social enterprises receive support in this form 53 percent.

One in every four respondents said that they received no financial support at all.

Just five percent had accessed commercial loans which are perhaps unsurprising in the Kenyan context.

Banks in Kenya find it expensive to monitor loans of small value and carrying out due diligence is costly because of a lack of credit ratings agencies, which makes it harder for banks to lend to small firms.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...