NAIROBI, Kenya, May 11 – The newly appointed Absa Bank Kenya Managing Director (MD), Abdi Mohamed, has said that the lender will support small businesses.
Mohamed said this during a visit to markets in Kawangware and Dagoretti, where he met small and medium-sized enterprises (SMEs).
This comes after he was appointed to the position last month. He joined from Absa Tanzania, where he was serving in a similar capacity.
“Small and medium enterprises are the economic bedrock of Kenya’s economy, contributing approximately 50% of GDP and more than 80% of employment,” Mohamed said.
“My market visit today is a demonstration of our commitment as Absa to support the SME sector with targeted propositions that are relevant and responsive to emerging customer needs and expectations through financing and non-financial support,” he added.
Only last year, the lender extended Sh148 billion in capital to be lent out, an increase of 36 percent from 2021.
Absa has also held county business forums over the last 2 years, which have reached more than 10,000 SMEs countrywide, facilitating access to finance, markets, mentorship, and networking opportunities.
“As a partner for growth, we are constantly innovating our solutions to help SMEs grow to the next level,” the MD stated.
“Hence, we have adopted a four-pronged approach that encompasses access to markets, access to information, access to mentorship and coaching, and access to sustainable finance, as part of ongoing efforts to address the perennial challenges that affect our SMEs.”
