Absa Bank recently hosted entrepreneurs, industry experts, and stakeholders for an empowerment forum held in Mombasa. The forum’s key focus was to explore business opportunities for SMEs in the coastal region, as it looks to provide them with funding to scale their businesses.
The forum, which is part of the Absa Business Club engagements, provided SMEs with an opportunity to learn about the latest industry trends, financial solutions, and networking opportunities. This is in a bid to encourage long-term business growth. The forum also intends to increase interaction with SMEs by providing them with the knowledge and networks they need to navigate the ever-changing business landscape.
According to the Kenya National Bureau of Statistics’ Gross County Product Report, Mombasa County anchors Kenya’s coastal areas’ economic purse, accounting for 4.9% of the country’s annual GDP in 2023. The adjacent coastal counties of Kwale, Kilifi, Tana River, Lamu, and Taita Taveta each contribute an average of 4.5%, with Kilifi adding 2.1%, according to the 2023 Gross County Product Report.
As part of its strategy to support SMEs, Absa Bank has organized similar business forums in the Mt. Kenya Region as well as Western and Rift Valley. These fora will serve as a critical resource for its business club members offering access to markets, information, coaching and mentorship, and sustainable finance.
Speaking during the forum in Mombasa, Absa Bank Kenya Chief Finance Officer, Yusuf Omari noted, “As a bank, we are committed to ensuring that our customers are able to achieve their goals, and especially those in business. We provide the support and resources needed to empower businesses to grow and seize existing and new opportunities. We are not just here to offer financial support, but to encourage businesses to grow wholesomely through different solutions such as strategic networking and capacity building forums.”