NYERI – The New Milimani Sacco (NMS) yesterday held a meeting with the SME representatives in Nyeri town to set in motion efforts towards establishing the National Confederation of Kenyan Entrepreneurs. “It is a very exciting project that will soon offer significant services including finance and business ideas to Kenya’s SME sector,” said NMS Chief Executive Officer George Docker.
This confederation, using the robust systems established by New Milimani Sacco, will attract investment funds from donors as well as county and national governments that will be channelled to the SME sector, which forms a critical component in Vision 2030 and whose contribution to the Kenyan economy is massive.
SME’s and their founders contribute over 27% of the Kenya GDP, provide 37% of total employment and 87% of the new jobs created yearly. The sector is central in national strategies to stimulate economic activity and reduce unemployment and poverty. To empower and finance such a vibrant sector, NMS has established a powerful business model to serve the ever expanding SME community.
NMS will to rely on its growing network of branches and financial strength to power this project. It is seeking financiers and successful business people to join together with NMS to drive this project.
“This is going to become a great growth and expansion avenue for young and upcoming SMEs with the availability of finance at good and competitive interest rates,” noted Mr Alfred Ndiangu’i of Cumulus Wholesalers in Nyeri town, who is also one of the founders in this project.
Requirements for participation in the scheme involve membership of NMS and proven performance in an established business. Among the founding group attending the meeting today includes Ms Reginah Macharia, MCA, Mr. Ndiangu’i of Cumulus Wholesalers and Mr.Joseph Macharia of Rabbit World.
