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    The NCBA Bank and Kenya Association of Manufacturers to Support Local Manufacturing Small Medium Enterprises

    Posted On 04 May 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 12

    By Richard Adorsu-

    Kenya Association of Manufacturers
    Photo Credit: Face book

    NEW AFRICA BUSINESS NEWS (NABN) Accra- NCBA Bank Kenya PLC has announced a new partnership with the 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 will be done through capacity-building programs to address some of the challenges facing local Manufacturing SMEs. Through the partnership, the two institutions will also provide financial solutions and promote market access through exhibitions, regional and international trade missions.

    “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.” Tirus Mwithiga, Group Director, Retail Banking, NCBA Bank Kenya said.

    KAM Chief Executive, Ms. Phyllis Wakiaga while highlighting challenges facing manufacturing SMEs, noted that financial institutions are reluctant to lend to SMEs, since they lack collateral to use when borrowing, to either start or expand their business. ”The pandemic has altered the way of doing business, hence, this calls on all stakeholders, including financial institutions, to develop innovative solutions to provide affordable financing solutions for SMEs. Formidable partnerships such as these are a step closer towards our vision 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,” she said.

    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.

     

    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    About the Author
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    12 Comments

    1. Emmanuel May 4, 2021 at 3:21 am Reply

      Thank you, Richard always for covering East Africa and Kenya in particular. Emmanuel in Nairobi, Kenya

      • New Africa Business News, Staff Correspondent May 4, 2021 at 3:37 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Frank May 4, 2021 at 3:25 am Reply

      Great and detail report. Thank you. Kampala Uganda. Frank

      • New Africa Business News, Staff Correspondent May 4, 2021 at 3:36 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Ousmane May 4, 2021 at 3:28 am Reply

      Banks partnering with small and medium scale manufacturers very good idea. Guinea Conakry. Ousmane

      • New Africa Business News, Staff Correspondent May 4, 2021 at 3:36 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Robert May 4, 2021 at 3:30 am Reply

      NCBA Bank Kenya is great bank. Mombasa KENYA. Robert

      • New Africa Business News, Staff Correspondent May 4, 2021 at 3:36 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Hassan May 4, 2021 at 3:32 am Reply

      Fan of your online newspaper. Thank you very much for the coverage. Cairo Egypt. Hassan

      • New Africa Business News, Staff Correspondent May 4, 2021 at 3:36 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    6. Andy May 4, 2021 at 3:34 am Reply

      Thank you, again for your daily newsletters. Andy in Bristol, England

      • New Africa Business News, Staff Correspondent May 4, 2021 at 3:36 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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