The Old Mutual Group has launched the Old Mutual Business Roundtable, a platform aimed at fostering collaboration and growth among SMEs in East Africa. The network will bring together SME owners, investors, financial institutions, professional associations, and industry experts to create opportunities for mutual advancement.
The Roundtable will also address the lack of accessible financial solutions and networking platforms tailored to SMEs’ specific requirements. This comes at a time when 54% of Kenyans own a business, although a majority lack access to the networks and information needed to advance their enterprises.
Despite the presence of various financial service providers in the country, including banks, insurance companies, and mobile services, SMEs often face challenges in navigating and utilizing available resources effectively. According to the Old Mutual Financial Services Monitor (OMFSM), only 13% of business owners have a financial advisor, with 43% being unsure of who to turn to for financial support. As a result, 20% of business owners are struggling with debt while 46% are dealing with considerable financial stress.
The Old Mutual Business Roundtable aims to bridge the gap by simplifying the connections between entrepreneurs and solution providers to their common challenges. The initiative will offer SMEs a structured environment to engage in knowledge-sharing sessions, gain insights into market trends, and explore innovative financial solutions within Old Mutual’s portfolio and its vast networks.
Speaking at the launch, Old Mutual’s Group CEO Arthur Oginga said, “At Old Mutual, we recognize the vital role SMEs play in driving economic growth and the considerable challenges they face on a daily basis. Through the Business Roundtable, we aim to provide them with a dynamic platform where they can connect, learn, and access the support necessary for their success.”