Family Bank has partnered with Wylde International to enhance the growth of Small and Medium Enterprises (SMEs) in Kenya. The collaboration will focus on providing capacity-building training to help SMEs develop sustainable and resilient businesses.
The partnership aims to provide SMEs value in several areas, including digital marketing, business strategy, planning, legal and compliance issues, sales, and governance. As a financial institution that targets the SME market, Family Bank recognizes the need to empower and drive value to SMEs. Therefore, the capacity training offered by the partnership will complement the financial support provided by Family Bank.
According to Mastercard data, there are 44 million Micro, Small and Medium Enterprises in Sub-Saharan Africa, which provide an estimated 80% of jobs across the continent. In Kenya, MSMEs contribute approximately 40% of the GDP. The partnership between Family Bank and Wylde International aims to scale SME businesses and address the challenges that hinder their growth.
“As a Bank, our focus is particularly on the SME market who make up 80 per cent of our customer base. Therefore, we are committed to offering capacity training to complement our financial support and equip SMEs with the right technical skills for holistic growth,” said Family Bank Chief Retail Officer Phyllis Kimani.
“SMEs are by their nature an ecosystem. Through this partnership with Family Bank, we aim to add value by scaling up SME businesses and dealing with the pain points that hinder the growth of so many SMEs,” said Wylde International Director Kiriinya Kithinji.