EMPOWERING MSMEs THROUGH STRATEGIC SYNERGY

The final day of the MSEA–Kenya Bankers Association (KBA) MSME Stakeholder Engagement in Eldoret focused on debt management and insurance, building on the financial literacy, financial inclusion, market access and enterprise development sessions covered on Day 1.

Participants were equipped with practical knowledge on assessing borrowing needs, understanding loan terms and costs, maintaining proper financial records, developing repayment plans and managing debt responsibly to minimize financial risks.

The training also emphasized insurance as a key risk-management tool for MSMEs. Participants explored different insurance options and how they can protect businesses, assets, employees and owners against unforeseen losses.

Emphasis was placed on understanding policy terms, coverage, premiums, exclusions and claims procedures, enabling entrepreneurs to choose insurance solutions that match the risks and needs of their enterprises.

Addressing the 150 MSMEs, Hon. Prof. Phyllis Bartoo, MP for Moiben Constituency, commended participants for investing in their financial knowledge and urged them to apply the lessons to strengthen and grow their businesses.

She highlighted the Government’s focus on entrepreneurship through different initiatives while noting the importance of financial inclusion, market linkages and skills development in turning entrepreneurs into sustainable job creators.

She also appreciated MSEA and KBA for their partnership and cited opportunities already benefiting local MSMEs, including access to value chains linked to national projects.