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In Kenya, Pandemic-Related Financial Distress Puts SMEs In A Difficult Place

Small and Medium-sized Enterprises (SMEs) constitute 98 percent of all businesses in Kenya, creating 30 percent of jobs annually and contributing 30 percent to the East African nation’s economy.

A long-standing problem with most of such businesses, even in Africa as a whole, is the lack of access to finance and credit—particularly from financial institutions like commercial banks. However, right now, the challenges of the Kenyan arm of the industry are proving too much to handle.

Per a study conducted by the Central Bank of Kenya (CBK), a good number of small businesses in the country struggle with lack of credit buffers and other resources needed to survive the effects of the novel coronavirus outbreak.

Read more: Weetracker

 


 

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