46pc of Kenya’s SMEs close within a year of founding

This is according to Central Bank of Kenya (CBK) Governor Patrick Njoroge who says part of the issue is that these SMEs do not solve big enough problems. In sub-Saharan Africa, there are at least 44 million formal Micro and Small and Medium Enterprises SMEs, 51 per cent of which require more finance than they can access to grow their businesses.

SME’s contribution to Kenya’s economy has risen from 13 per cent in 1993 to nearly 30 per cent in 2016. Africa’s working age population will increase by 1.7 million people a month until 2030, and the urban population is expected to double over the next 25 years.

Source: CapitalBusiness

 

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