KNCCI Champions MSME Growth with Wide-Ranging Initiatives

The Kenya National Chamber of Commerce and Industry (KNCCI) continues to be a driving force behind the success of Micro, Small and Medium Enterprises (MSMEs) across Kenya. Recent developments highlight KNCCI’s dedication to empowering MSMEs through a comprehensive set of programs and advocacy efforts.

Reduced Mobile Money Fees and Expanded Financial Services

KNCCI’s National Director, Mr. Ken Onditi, attended the launch of I&M Bank’s “Ni Sare Kabisa” campaign. This initiative waives bank-to-mobile money transfer fees, a significant cost reduction for MSMEs, considering 76.4% of their transactions involve mobile money. This move aligns with KNCCI’s commitment to promoting financial inclusion and economic growth for MSMEs. I&M Bank account holders also gain access to various financial services like unsecured personal loans, short-term loans, and certificate search fee waivers. Mr. Onditi called the “NI SARE KABISA” campaign a beacon of hope for small business owners, as it provides much-needed relief by reducing operational costs over time.

KNCCI’s Multi-Faceted Approach to MSME Development

Beyond just financial relief, Mr. Onditi emphasized KNCCI’s broader efforts that address various challenges faced by MSMEs:

Global Market Access: New KNCCI offices in China with plans for Dubai, Sharjah, and Washington D.C. aim to expand market access for Kenyan MSMEs by connecting them with potential international trade partners.
Policy Advocacy: KNCCI actively lobbies policymakers for favorable MSME policies, tackling challenges like high taxation and business costs. This ensures a more enabling business environment where MSMEs can flourish.
Trade Facilitation: The Chamber facilitates trade with e-Certificates of Origin, streamlining export processes and reducing administrative burdens for MSMEs.
Financial Support and Training: The Jiinue Growth Program offers training and affordable loans, benefiting over 11,000 MSMEs. This equips MSMEs with the skills and resources necessary to grow their businesses.
Women’s Empowerment: KNCCI promotes women’s empowerment in industrialization through a $40 million program. This program breaks down barriers for women entrepreneurs and fosters greater diversity within the Kenyan business landscape.
Digitalization: The iSOKO User e-commerce platform, with 7,700 registered businesses in East Africa, supports MSME digital adoption. This empowers MSMEs to reach a wider customer base and compete more effectively in the digital marketplace.
KNCCI’s comprehensive approach empowers MSMEs through financial relief, policy advocacy, market access, training, and digitalization tools. This commitment positions KNCCI as a key player in fostering a thriving MSME ecosystem in Kenya, where these businesses can contribute significantly to the country’s economic growth and development.