Small, medium enterprises (SME) play a pivotal role in economic development. There are about 7.4 million SMEs in Kenya as per 2021 World Bank report, employing over 14 million people. More than half operate in the informal sector.
These SMEs are the engines that drive economic growth. They provide jobs and a lifeline to millions directly and indirectly. Most of these companies survive on financing and bank overdrafts to sustain their operations. This financing, most often, is from banking institutions.
