Tough task for Kenya in race to raise credit for small businesses

Kenya lags behind sub-Saharan Africa in credit provision to small and medium-sized businesses (SMEs), highlighting the funding challenges facing local entrepreneurs, a new report shows.

The report, ‘The Mobile: Deeping Financial Inclusion But at a High Cost’ shows that the total credit as a percentage of the gross domestic product (GDP) stands at 29 per cent which is lower than the sub-Saharan Africa average of 48 per cent.