Patrick Njoroge: The importance of "anytime, anywhere" finance for micro, small and medium enterprises

Remarks by Dr Patrick Njoroge, Governor of the Central Bank of Kenya, at the inaugural Inua Biashara Day 2019 and the launch of Stawi, Nairobi, 6 November 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

I am delighted to be here this morning at the Inaugural Inua Biashara Day 2019 and the launch of the lending product Stawi. This is a momentous occasion for our banking sector that has come together for the first time to showcase what they are doing for the Micro, Small and Medium-sized Enterprises (MSMEs). I am grateful to Your Excellency for gracing this occasion but more importantly for consistently challenging the banking industry on financing MSMEs. Let me also commend all the banks, the Kenya Bankers Association, and the various Government agencies for putting together today's event.

MSMEs are the backbone of Kenya's economy, contributing about 28.4 percent of the Gross Domestic Product. The approximately 7 million MSMEs are concentrated in the manufacturing, wholesale and retail trade, and transport and storage sectors. The resilience of MSMEs has indeed been a key strength of Kenya's economic growth in recent years.