NAIROBI, Kenya, June 3 – NCBA Bank is targeting small and medium enterprises (SMEs) in Migori County with tailored banking solutions and strategic collaborations.
This was discussed during a customer engagement that attracted 100 SMEs.
The event saw the participation of key stakeholders, including Betty Mogesi Samburu, CECM, Trade and Tourism, Migori County Government, and Byron Noel Otieno, project field officer at KNCCI in the Migori chapter.
Both shared valuable insights on opportunities to develop SMEs in the region, emphasized the importance of public-private cooperation, discussed funding availability, and discussed the development of entrepreneurial capacities.
“We are proud of the work we have done to support SMEs, and we are happy to have empowered the business community in Migori County. At NCBA, we have established partnerships with like-minded institutions like the one we have with Strathmore University for our Owners Management Program, and Enterprise Development Programs, to support SME owners in running their businesses,” said Dennis Njau, NCBA acting Retail Banking Director.
“Working with the African Guarantee Fund and Proparco has also positioned us to be at the forefront of seamless financing, ensuring our customers continue to expand their businesses.”
Migori County has shown promising economic growth, contributing 1.2 percent to Kenya’s GVA with Sh90.95 billion and a GVA per capita of Sh81.46 billion in 2023/2024.
It recorded an average GVA growth rate of 4.54 percent from 2013 to 2022, higher than the national average.
The services sector is dominant with an average contribution to GVA of 49.66 percent, followed by agriculture at 36.29 percent and industry at 14.21 percent.
Despite this progress, the region faces significant underdevelopment challenges, including a high poverty rate of 48 percent, a 2.6 percent population growth rate, inadequate infrastructure, and low labor productivity.
By Phineas Munene
