Nakuru: Over 1,500 Micro, Small, and Medium-Sized Enterprises (MSMEs) in Nakuru County are set to benefit from enhanced access to capital, business skills training, and mentorship programs aimed at unlocking their untapped potential. The initiative is a collaborative effort designed to equip and empower MSMEs to capture opportunities within Africa and global markets.
According to Kenya News Agency, the venture is being implemented by the International Institute of Rural Reconstruction (IIRR) in partnership with the Nakuru County Government on behalf of the EASETRADE Micro, Small, and Medium-Sized Enterprise (MSME) Digital Infrastructure Lending Project. This project advocates for digitized trade and networking mechanisms, with a focus on including youth and women in the entrepreneurial space.
Sports, Youth, Gender, and Social Services County Executive Committee Member (CECM) Ms. Elga Riaga emphasized that the initiative aims to tackle youth unemployment through skills and enterprise development. The program is expected to enhance access to trade finance and capital through Artificial Intelligence (AI)-enabled platforms that provide borrower behavior-based credit scoring as an alternative to physical collateral.
Ms. Riaga further explained that the strategic objective of the partnership is to connect MSMEs to money, markets, and mentorship. The initiative will inform participants of potential trade opportunities in sectors such as agriculture, ICT, manufacturing, and financial services.
The EASETRADE MSME Digital Infrastructure Lending Project, financed by the Trade and Development Fund (TDF), the Mastercard Foundation, and Trade Catalyst Africa (TCA), targets empowering MSMEs with a particular focus on youth and women. The project is currently being implemented in Kenya, with two additional African countries to be selected by the end of the first year.
Ms. Riaga highlighted that MSME owners and managers will be trained to enhance the competitiveness, profitability, and sustainability of their businesses. The project aligns with Governor Susan Kihika’s agenda of promoting economic growth, particularly among youth and women.
The IIRR, an 80-year-old rural development organization headquartered in the Philippines, promotes people-centered development through participatory capacity building. The initiative aims to train youth and women in areas such as business resilience, digital sales and marketing, financial management, and access to markets.
Ms. Riaga stated that the program is a significant step towards inclusive trade, economic empowerment, and sustainable job creation for women and youth in Nakuru County. The collaboration aims to position the MSME sector as a pathway for economic growth, food security, and poverty alleviation.
The CECM noted that MSMEs contribute 34 percent to Kenya’s GDP and account for 75 percent of formal establishments, creating about 30 percent of jobs annually. The initiative is seen as a lifeline to propel enterprises forward, equipping entrepreneurs with necessary tools and knowledge to navigate the complexities of the modern business environment.
International Institute of Rural Reconstruction (IIRR) project manager Ms. Peris Wangechi explained that the initiative will enhance the business skills and creditworthiness of young, financially disadvantaged micro-entrepreneurs. The collaboration fosters an environment for equitable economic growth of startups in Nakuru County.
Ms. Wangechi emphasized the program’s potential to create dignified work opportunities for young men and women, laying a foundation for a more equitable and sustainable future. The program also aims to enhance young women’s access to trade financing and digital literacy.
The MSME sector, according to the Kenya National Bureau of Statistics (KNBS), creates employment for over 15 million people with a value output of Sh3.3 trillion. The critical contribution of MSMEs to broader socio-economic objectives, including job creation, makes them a key priority for achieving Sustainable Development Goals (SDGs).
