NAIROBI, Kenya- In a big win for Kenya’s SME sector, NCBA Bank has been named the winner of the 2024 Global SME Finance Award, solidifying its role as a top player in driving Small and Medium-sized Enterprise (SME) development across the country.
Presented by the International Finance Corporation (IFC) and the SME Finance Forum, this award celebrates the bank’s continued efforts to provide financial solutions that empower local businesses to thrive.
SMEs make up nearly 40pc of the nation’s GDP and employ over 80pc of the workforce, spanning both formal and informal sectors.
NCBA has strategically designed services like unsecured loans, trade finance, and working capital solutions that cater to the unique challenges faced by small businesses.
Moreover, the bank’s efforts are not limited to traditional banking. Through its digital platforms, NCBA has made financial access easier for businesses of all sizes, giving SMEs the tools they need to grow and expand their operations.
As the SME Finance Forum notes, innovative financial products are critical for the continued growth of emerging markets like Kenya .
A cornerstone of NCBA’s success is its partnership with Safaricom, which led to the creation of mobile lending products like M-Shwari and Fuliza.
These services have dramatically improved financial inclusion, offering millions of small businesses and entrepreneurs quick access to short-term credit.
In a landscape where traditional lending can be cumbersome, these mobile solutions have become lifesavers, giving businesses the liquidity they need to keep operations running smoothly.
The bank has also made significant strides in supporting women and youth-owned businesses through specialized financial products.
By doing so, they’ve not only helped bridge the gender financing gap but also ensured that young entrepreneurs have access to the capital and resources needed to build sustainable ventures.
It’s an approach that echoes global trends in inclusive banking, aiming to reduce inequality while fostering economic growth .
As the banking industry continues to innovate and broaden its impact, it’s clear that the sector is deeply invested in Kenya’s future.
With ongoing support for SMEs, particularly through mobile lending and targeted empowerment initiatives, banks can set the standard for how institutions can drive meaningful change in the region.
