Abdi Mohamed, the recently appointed Managing Director and Chief Executive Officer of Absa Bank Kenya, ventured out into the lively markets of Kawangware and Dagoretti today to connect with customers. This action highlights the bank’s steadfast dedication to promoting the advancement and progress of Small and Micro Enterprises in Kenya. On his first market visit, the Managing Director of Absa Bank Kenya reiterated the bank’s objective of promoting the growth of SMEs and assured them of the bank’s continued support in realizing their potential. This commitment is aimed at fostering the progress and well-being of the people of Kenya and promoting the country’s development.
“Small and medium enterprises are the economic bedrock of Kenya’s economy, contributing approximately 50% of GDP and more than 80% of employment. 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.” – Abdi Mohammed – MD and CEO Absa Bank Kenya.
During the market visit, the bank’s SME customers expressed their gratitude to Absa for its continued support to their businesses and highlighted key areas in which they require additional support. On his part, Absa Bank Kenya’s MD assured them that Absa fully understands their needs and is committed to providing them with the support they require to keep their businesses running smoothly.
“As a partner for growth, we are constantly innovating our solutions to help SMEs grow to the next level. 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.” said Mr. Mohamed.
In 2022, Absa Bank Kenya PLC extended KES 148 billion of new lending to the economy, reflecting an increase of 36% from 2021, most of which was towards businesses leading to economic recovery and transformation.
Absa has also held county business forums over the last 2 years, which have reached more than 10,000 SMEs across the country and facilitated access to finance, markets, mentorship as well as networking opportunities. Absa Bank Kenya’s ambition to support SMEs is aligned to priorities of the government in supporting the SME segment to fuel growth and create employment opportunities for young people. The bank also aims to impact one million women entrepreneurs over the next five years to support their aspirations through its SHE Business proposition.
These efforts are in line with Absa’s commitment to Kenya and her people through its purpose of empowering Africa’s tomorrow, together… one story at a time by working with people to get things done.