President William Ruto has commended the local banking sector for its role in driving the growth of medium and small market enterprises (MSMEs). Speaking at the Kenya Bankers Association Inua Biashara Exhibition at the Kenyatta International Convention Centre on Wednesday, Ruto highlighted the banks' commitment to increasing lending to MSMEs.
He noted that banks provided Ksh.783 billion in loans to MSMEs in 2023, an increase of Ksh.75 billion from the previous year. “This commitment is significant and impactful,” Ruto stated, as he launched the MSME Accelerator Programme aimed at enhancing small businesses through assessments, training, and support from both the public and private sectors.
The President also praised the banking sector for contributing Ksh.190 billion in taxes in 2023, emphasizing its role in supporting the government’s development initiatives. He expressed optimism that banks will continue to support MSMEs by helping them build scalable business models, improve financial management, and access formal credit and markets.
Ruto further applauded the banking industry’s commitment to double MSME lending, with plans to provide Ksh.150 billion in new loans annually starting in 2025. He assured the government's continued support through policies and timely settlement of pending bills after verification.
