NAIROBI, Kenya, Mar 9 – Entrepreneurs participating in Hand in Hand’s Kenya Micro-Enterprise Success (KMES) program have grown their incomes by an average of USD $156 (Sh20,000) per month.
KMES, which is funded by Visa, targets small business owners as well as first-time entrepreneurs living below the poverty line.
The three-year programme provided 8,200 first-time entrepreneurs, of whom 80 percent were women, with the core business training they needed to start their own microenterprises.
It also offered advanced training to 1,600 participants, including 1,280 women who already owned and operated small businesses.
“At a time when businesses across the country were closing in record numbers our members were able to reduce their costs, expand into new markets and take their businesses online,” said Albert Wambugu Hand in Hand Eastern Africa CEO.
“Additionally, this project gave our members a path to digital financial inclusion, with a majority of entrepreneurs being able to access useful and affordable financial products and services that meet their needs, thus reducing poverty, unleashing their potential and boosting prosperity.”
More than 80 percent of the members reported improved financial management skills, with both first-time and existing entrepreneurs indicating that they were more financially resilient.
This played a crucial role in helping participants weather the economic effects of the Covid-19 pandemic, and 90 percent of them reported that they were able to withstand the financial shocks without having to sell an asset or getting into debt.
“We will continue to seek out partnerships and opportunities that reach the traditionally underserved, providing them with access to resources that can help improve their economic livelihoods, businesses and communities”, said Eva Ngigi-Sarwari, Country Manager, Visa Kenya.
