On 17th October 2024, KEPSA participated in the 4th edition of The Big Baraza 2024-Game changers conference dubbed “Annual SME Conference for SMEs by SMEs,” held at the JW Marriott Hotel, Nairobi organized by SNDBX International.  The event brought together over 400 entrepreneurs from across Kenya, Africa and the world who had the opportunity to learn from industry experts.

The conference was opened by Joram Mwinamo, Co-founder and Group CEO of SNDBX International, emphasized the importance of SMEs and businesses harnessing the power of rethinking how they create value and moving away from traditional approaches.

“In today’s challenging entrepreneurial landscape, businesses and SMEs need to innovate and embrace a mindset of continuous learning, adjustment, and advancement, Industry stakeholders such as KEPSA will participate in this year's conference, ensuring comprehensive discussions that touch on the entire SME ecosystem in Kenya,” he said.

Representing KEPSA, Mr. Gregor Pannike, one of the KEPSA SME Champions, spoke about fostering an environment conducive to innovation and economic growth for SMEs. He emphasized the importance of networking and the need for platforms that provide access to appropriate capital to support business development.

“A thriving SME sector is essential for sustainable growth, as these businesses are agile and capable of adapting to changing market conditions.” By providing access to resources such as funding, mentorship, and technology, policymakers can empower SMEs to innovate and expand their operations, ultimately benefiting the broader economy,” he said.

Additionally, Mr Gregor stated that in Kenya, SMEs have a valuable ally in the Kenya Private Sector Alliance (KEPSA), which plays a crucial role in amplifying their voices. KEPSA strives to create a platform where small and medium-sized enterprises can engage directly with policymakers. Through initiatives such as roundtable meetings, KEPSA facilitates open dialogue between SMEs and government representatives, enabling entrepreneurs to express their challenges and propose solutions.

Mr. Gift Kori, speaking on behalf of the Nairobi Stock Exchange (NSE) said that as a way of supporting SMEs, NSE has come up with innovative ways through the creation of an SME segment to lower the barriers of entry, to enable them to access capital. There are also working capital initiatives such as the invoice discounting that the exchange is offering as a solution to SMEs keen on working with large cooperates in the supply chain.

Ms. Susan Njeru, representing KRA, hinted at the introduction of simplified tax regimes for filing turnover Taxes and eTIMs, which can be done through the USSD generation on the phone.

A key takeaway from the panel was the importance of stakeholder engagement through forums such as the BIG Baraza, KRA Public participation on behalf of the Ministry of Treasury, KEPSA through Public Private Dialogue Forums to help find solutions to some of the SME challenges in the industry.