•  Deputy County Governor of Nakuru, H.E. David Kones, lauded Absa Bank's efforts to unite the SME sector, a critical sector that employs nearly 50 percent of the country’s workforce and contributes up to 33 percent of Kenya's GDP.

Amidst a challenging operating environment, Absa Bank Kenya has launched a series of County Empowerment Forums to support the growth of Small and Medium Enterprises (SMEs) across the country.

The past three years since the onset of COVID-19 have been especially difficult for this crucial sector, with SMEs grappling with supply chain disruptions, rising inflation, exchange rate volatility, and interest rate hikes.

To address these constraints, Absa's Business Club has been hosting the forums, which have seen over 400 entrepreneurs from the Central and Rift regions participate in the inaugural session held in Nakuru County.

"Our corporate goal as a financial institution is to empower Africa's future by telling one story at a time," said Absa Bank Kenya Head of SME Banking, Susan Situma, during the Nakuru forum. "This means equipping our clients with the tools they need to grow their businesses, improve their livelihoods, and strengthen the economy."

Nakuru County, home to 2.35 million people, contributes 4.9% to Kenya's Gross Domestic Product and is a hub for micro, small, and medium enterprises. The county boasts a diverse business community spanning agro-processing, manufacturing, transport, textiles, trade, and tourism.

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Addressing the forum, Nakuru Deputy Governor David Kones lauded Absa's efforts to bring together the SME sector, which employs nearly 50% of Kenya's workforce and contributes up to 33% of the country's GDP.

"We primarily seek legislative, institutional, legal, and financial assistance from banking and financial institutions like Absa to help the County Government of Nakuru achieve its objectives," said Kones.

Other partners at the event included the Kenya National Chamber of Commerce and Industry, the Kenya Association of Manufacturers, the Nakuru Traders Association, and Nakuru Motor Deals, all of whom are supporting the SME agenda in the region.

Last year, Absa Bank committed KES100 billion to support SMEs across various value chains over the next three years. Apart from finance, Business Club members have access to market information, local and global markets, coaching, mentorship, and networking opportunities to scale their enterprises.

The Bank plans to hold similar SME empowerment forums in other regions, including Kisumu, Mombasa, Machakos, Mount Kenya, and the coast, as part of its efforts to foster the growth and resilience of this crucial segment of the Kenyan economy.