NCBA Bank Kenya PLC has today partnered with Kenya Association of Manufacturers (KAM), to enhance the development of Manufacturing SMEs in the country.
The two-year deal will see the lender and KAM support 300 Manufacturing SMEs. This shall be done through capacity building programs to address some of the challenges facing local Manufacturing SMEs. Through the partnership, the two institutions shall also provide financial solutions and promote market access through exhibitions, regional and international trade missions.
Tirus Mwithiga, Group Director, Retail Banking, NCBA Bank Kenya noted that, “This partnership comes at an opportune time as Kenyans and especially the SME sector are facing very difficult times with the second lock down. SME owners have experienced dramatic falls in business activity and revenues due to restrictions arising from the pandemic. As a bank, we care about SMEs and so we would like to encourage entrepreneurs to take advantage of the opportunities presented under this deal.”
KAM Chief Executive, Ms Phyllis Wakiaga highlighted the importance of partnerships geared towards supporting Manufacturing SMEs, who are a critical pillar in driving the sustainability of local industry.
“Through our Manufacturing SME Hub, the Association seeks to prepare, nurture and grow manufacturing SMEs to be competitive and take full advantage of available markets.
Formidable partnerships such as these ensure we move a step closer towards our goal to see Manufacturing SMEs thriving. We shall continue to work with like-minded partners, including the government and its agencies, as well as financial institutions, to secure the future of Manufacturing SMEs,” added Ms Wakiaga
The partnership comes at a time when businesses are reeling from shocks arising out of the pandemic, including cashflow challenges and difficulties in meeting their financial obligations.