President William Ruto on Wednesday launched the MSME Accelerator Programme aimed at boosting the development of Micro, Small, and Medium Enterprises (MSMEs) in Kenya. 

The unveiling of the “Inua Biashara” exhibition hosted by the Kenya Bankers Association was done at the Kenyatta International Convention Centre (KICC), Nairobi, with Ruto underscoring the government’s commitment to empowering small businesses to become major contributors to Kenya's economic growth.

MSMEs currently serve as the cornerstone of the country's economy, creating between 80 to 90 percent of jobs and accounting for nearly a third of the nation’s Gross Domestic Product (GDP).

Prime Cabinet Secretary Musalia Mudavadi reaffirmed the government's dedication to ensuring the growth of these enterprises through sound financial and economic policies.

“The Government, under the leadership of President William Ruto, recognises and wholeheartedly champions the vital role of Micro, Small, and Medium Enterprises (MSMEs) in shaping our country’s economic future,” Mudavadi stated.

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"These enterprises are the backbone of our economy, creating between 80 to 90 percent of jobs and contributing nearly a third of our Gross Domestic Product (GDP)."

He further outlined the administration's plan to ensure MSMEs’ success by implementing policies that would allow these businesses to drive sustainable economic growth.

"To ensure the continued growth and expansion of MSMEs, we are committed to implementing robust financial and economic policies that will empower these businesses to become key contributors to national revenue and drivers of sustainable economic growth, in line with the Bottom-Up Economic Transformation Agenda," he added.

President Ruto, while addressing the audience at the exhibition, echoed similar sentiments.

He emphasised the government's push for a conducive business environment, promising targeted affordable credit to help small enterprises expand their operations.

This, in turn, would help generate employment, improve livelihoods, and further accelerate Kenya’s economic transformation efforts.

“Our continued push for a healthier business environment and more targeted affordable credit will ensure that small enterprises scale up their operations. In turn, this will promote jobs creation, support more livelihoods and energise our country’s economic transformation agenda,” Ruto remarked.

The event also saw the participation of notable figures including Hon. John Mbadi, Cabinet Secretary for The National Treasury and Economic Planning, Kamau Thugge, Governor of the Central Bank of Kenya, and John Gachora, Chairman of the Kenya Bankers Association.

Together, they reinforced the government's resolve to foster collaboration between financial institutions and MSMEs.

During his speech, President Ruto challenged the banking sector to take advantage of technological advancements to design more innovative credit products tailored to the needs of small and medium-sized enterprises.

“Challenged the banking sector to use technology to design innovative credit products that meet the needs of small and medium-sized businesses,” he stated.

The launch of the MSME Accelerator Programme and the “Inua Biashara” exhibition are set to provide small businesses with much-needed support in accessing financial resources and opportunities, reinforcing their role as drivers of Kenya’s economic prosperity.