Twenty-four Micro, Small, and Medium Enterprises (MSMEs) have received growth grants of KSh100,000 each after completing the Inuka Enterprise Accelerator Program, a banking industry-led initiative implemented by the Kenya Bankers Association (KBA) through the Centre for Sustainable Finance and Enterprise Development (CSFED).
The enterprises selected for the pilot 12-week accelerator were drawn from key sectors — including manufacturing, agriculture, trade, textile, and leather— and were identified from the more than 130,000 MSMEs that have benefited from the broader Inuka Enterprise Program since 2018.
KBA Chief Executive Officer Raimond Molenje noted that MSMEs are the backbone of Kenya’s economy, contributing over 40 percent to GDP and providing millions of jobs.
“Supporting their growth is essential to building an inclusive and competitive economy. Through the Inuka Accelerator, we are helping enterprises not only survive but thrive, innovate, and scale sustainably,” Mr. Molenje said during the graduation ceremony.
He also pointed out that there is need to restore Kenyans’ purchasing power by revising PAYE tax brackets, noting that employed citizens have lost up to 12 percent of their purchasing power over the last five years. This decline, he said, restricts participation in economic activities that create jobs and expand the tax base.
Mr. Molenje also called for sustained economic stability beyond election cycles, urging stakeholders to address the recurring slowdown in business activities that precedes national elections.
James Mureu, Chairman of the Micro and Small Enterprises Authority (MSEA), lauded the Inuka Accelerator as a timely intervention for Kenya’s enterprise sector saying, “Initiatives like the Inuka Accelerator are essential in helping businesses navigate challenges and seize opportunities for growth.”
The Inuka Accelerator Graduation marks a major milestone in the banking industry’s effort to strengthen the MSME ecosystem through practical training, innovation support, and financial inclusion.
