On 22nd November 2023, KEPSA Director of SMEs and Start-Ups, Ms. Mary Ngechu participated in the opening of the 2023 Inua Biashara MSME Expo at the Sarit Expo Centre. Hon. Simon Kiprono Chelugui, Cabinet Secretary of the Ministry of Co-operatives & Micro, Small, and Medium Enterprises (MSMEs), presided over the event. He was joined by Dr. Samuel Tiriongo, Research and Policy Director at the Kenya Bankers Association, and Mr. Gowri Shankar Rao, Chief Executive of the Bank of India, Kenya Centre.

The theme for this year's edition was "Strengthening MSME Resilience," underscoring the need to mitigate emergent challenges that continue to inhibit fragile growth among small enterprises in the aftermath of the COVID-19 pandemic.

Initiated in 2018, the program is part of initiatives spearheaded by the banking industry to support resilience in the Micro, Small, and Medium-sized Enterprises (MSME) sector, recognizing these enterprises as important catalysts for the national economic growth agenda. The Inua Biashara MSME Expo provides a cross-platform for discussing strategies that stakeholders in both the public and private sectors can collectively implement to facilitate access to affordable credit through innovative solutions aligned with emerging challenges. More than 30 banks participated in showcasing tailor-made SME products.

In his welcoming remarks, Dr. Samuel Tiriongo emphasized the urgent need for structured support for SMEs in order to re-engineer our economy. He underscored the banking sector's commitment to offering solutions that would ensure the thriving of SMEs, pointing out the sector’s innovative approaches tailored to meet the specific needs of these enterprises. Dr. Tiriongo further emphasized the banking sector's commitment to continuous engagements with all stakeholders and fostering strong partnerships. Through concerted efforts, he highlighted the potential transformation and positive impact that the SME sector could have on the Kenyan economy.

Hon. Simon Chelugui, in his remarks, highlighted the pivotal role that MSMEs play in poverty alleviation. He commended financial institutions for supporting SMEs by restructuring loans during the COVID-19 pandemic and emphasized the government's commitment to supporting SMEs through appropriate policies, harmonizing taxes, addressing infrastructure, and enhancing market access. He also stressed the importance of formalizing SMEs to improve their access to affordable credit and better markets. He went further to highlight the government initiative on financial inclusion through the Hustle Fund (HF), which aims to build a good credit score for SMEs that will be a pipeline for the banks. He challenged the banks not to see the HF as a competitive product from the government but as an incubator to give a chance to all Kenyans, especially from the informal sector.

Mr. Gowri Shankar Rao, CEO of the India Bank of Kenya, emphasized the crucial role played by small and medium-sized enterprises (SMEs) in Kenya's economy, with over 90% of the total labor force being contributed by the SME sector. He stressed the need for collaborative efforts between bankers and SMEs to boost the GDP contribution to the economy. He also highlighted the importance of resource programs that help build SME capacity, aid in innovating their processes for efficiency, and contribute to their overall growth. According to him, the expo was a great opportunity to bridge the information gap that exists among SMEs.

The panel discussion centered on strategies to enhance the resilience of Small and Medium-sized Enterprises (SMEs). In her remarks, Ms. Ngechu underscored the multifaceted support that the private sector can provide to SMEs. This support spans various areas, including training opportunities, networking events, financial linkages, mentorships, coaching, access to markets, integration into value chains, and exposure to investment opportunities. These collaborative initiatives involve partnerships with numerous stakeholders worldwide, contributing significantly to the growth and resilience of businesses. She was joined by Ms. Joyce Koech, Registrar of Companies, Business Registration Service (BRS) who emphasized on the need for SMEs to formalize so as to tap into and utilize opportunities by the government that target formal businesses; however, she noted that there has been an increase in the number of businesses registering lately and Mr. Roy Gitahi, chairman, Art at Work Limited. A crucial aspect of the discussion revolved around de-risking young entrepreneurs. Mr. Gitahi noted that the youth market remains underexplored. He emphasized the importance of understanding their perspectives and aligning products with their interests. Banks were also challenged to explore how they could effectively collaborate with the creative industry by allowing consideration of intangible collaterals such as Intellectual Property (IP) 

The government's strides in supporting SMEs were acknowledged, with initiatives like simplifying registration seen as positive steps towards formalizing SMEs. However, there was a consensus that more needs to be done to enable SMEs to thrive, emphasizing the importance of ongoing efforts and strategic measures for sustained growth in the SME sector.