Self-employment can be a rewarding path to economic independence, particularly for the young, unemployed population, despite the inherent challenges. According to a 2019 survey by Statista, a global data and business intelligence platform based in Germany, Kenya accounted for slightly more than 49 percent of the total self-employed individuals in Africa. Neighbouring countries like Uganda and Tanzania boasted even higher percentages.
While these statistics may have shifted during significant global events like Covid-19, one constant challenge remains: maintaining newly established small businesses due to poor financial skills. This situation is exacerbated by difficulties faced while trying to access credit, especially through traditional banking channels.
