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Capital Group inks SME deal with Kenya National Chamber of CommerceThursday, November 24, 2016 > 16:08:57
NAIROBI, Kenya, 24 Nov – Capital Group Limited has signed a strategic partnership deal with the Kenya National Chamber of Commerce and Industry (KNCCI) to build the capacity and provide networking opportunities for SMEs and entrepreneurs.
The agreement is in line with the Kenya National Chamber of Commerce and Industry’s core mandate of creating a favorable commercial, trade and investment environment for enterprises.
The partnership between Capital Group and the Chamber includes rallying and mobilizing SMEs in regional road shows, trade workshops and expos across the country.
Capital Group Managing Director Cyrus Kamau says CapitalFM is looking forward to the strategic partnership to help SMEs’ network and grow, at both the county and national level.
“This is an opportunity to bring up these businesses to the levels of where most of the national and multinational companies have grown,” says Kamau.
KNCCI Chairman, Mr. Kiprono Kittony, says the Chamber sees the development of enterprises as the solution to a jobs-led economic growth, adding the Chamber’s agenda over the next three years will focus on facilitating business at the county level and the SME agenda.
"We have noted that there are a lot of industries shedding jobs and I don’t think there is a better solution to jump start a jobs-led economic growth than signing to partnerships as these,” said Kittony.
The Chamber has seen its membership grow over the recent past with the formation of 47 county chapters with a bulk of the members from the SME sector.
KNCCI has also been working with Counties to organize and host investment forums, giving SMEs an opportunity to showcase their products and provide market access.
Over 2 million Micro Small and Medium Enterprises (MSMEs) have shut down in the last five years including 2016 according to a survey by the Kenya National Bureau of Statistics (KNBS).
The main reason cited for business closure was a shortage of operating funds and diversion of returns and operating capital from the business.
In addition to credit limits, other challenges faced by MSMEs include lack of markets and local competition, which the Capital Group – KNCCI partnership seeks to address.