Citi keen on revenue growth and credit rating in 2014 SME awards

Monday, July 14, 2014 — updated on December 17, 2020 - 2 min read

AMFI chief executive Benjamin Nkungi. Mr Nkungi, told the Nation on phone that the directive was a bit of an ambush on operators, who were expecting the rule at a much later date when they would have mobilised sufficient deposits.

What you need to know:

Entrepreneurs are drawn from manufacturing, agriculture, and trade and services among other sectors.

The third edition of Citibank Kenya’s awards for small firms has been announced.

Growth of revenues, creation of jobs, and good credit rating will guide the selection this year, the main sponsors Citi and the Association of Micro Financers Institutions (AMFI) said during launch last week in Nairobi.

Entries that run until August 22 are open to businesses that have been in operation for at least two years. The awards are exclusive of the six million members of 58 micro-finance banks and credit institutions.

Entrepreneurs are drawn from manufacturing, agriculture, and trade and services among other sectors. “Once the shortlist is out, we will tour their premises to confirm that they are in legitimate business,” said Benjamin Nkungi, the chief executive AMFI.

The awards planned for October 17 will also recognise entrepreneurs with sustainable business models, focus on environmental conservation, and contribution to the economy. Micro-finance institutions will nominate business with clean loan repayment records.

Finalists will be enrolled in a mentorship programme.

Expansion and innovation

Citi and AMFI aim at creating awareness on microfinance opportunities in the jua kali sector and encourage the businesses to go for credit to fund expansion and innovation.

Citibank chief executive Joyce-Ann Wainaina said the awards will recognise “extraordinary contribution to the growth of economy.” The bank has a budget of Sh7.9 million ($90,000) to cater for preparation and cash awards, the CEO said.

The Kenyan edition is part of a programme that covers six countries in Africa. It was launched by the United Nations Capital Development Fund, the Citi Foundation, and the Global Student Alliance to show how micro-finance promotes entrepreneurship.