SME Training Initiative in Kenya

SME training project to boost entrepreneurial skills for best business practice.

The International Finance Corporation (IFC) and Standard Chartered Bank (SCB) have launched a pilot project in Kenya that will improve the operations of Small and Medium Enterprises (SMEs).

Under the project, 60 SME owners in Kenya’s capital will undergo training in a pilot pahse of the programme which is to be rolled out countrywide.

Lack of training on best business practices is one of the major challenges facing SME entrepreneurs in Kenya contributing to the high failure rate of business start ups.

The project has been brought to Kenya following the successful implementation of a similar initiative in Pakistan where 80 SMEs were trained.

The project’s aim is to boost business growth and competitiveness of SMEs through capacity building to improve entreprenurial skills. The project is expected to have a knock-on effect for improved access to financing, and access to greater markets which will subsequently boost company sales and facilitate employment opportunities..

After the implementation of the same project in Pakistan, 69 per cent of participants in the training workshops incorporated the acquired knowledge into their businesses. The entrepreneurs reported that their business operations had improved. They also managed to clear their debts and keep records of their cash flow in their businesses.

The training will be offered based on the IFC Business Edge, a training system designed to boost the management skills of owners and managers of SMEs. To date 300 SME entrepreneurs and managers in Kenya have gone through the Business Edge training.