The Kenya Bankers Association and Kenyan Wall Street partnered on 30 November 2018 to educate business owners on financial management through #InukaSME Twitter chat.
The full day initiative saw Kenyans learn critical aspects of running and sustaining a business, accessing credit facilities and taking advantage of financial infrastructures put in place to support Small and Medium Enterprise facilities.
The festive season is already here. But before that, we are having our monthly tweet chat just for you and your business! Join us from 10 AM- 11 AM on Friday 30th with our expert guest Nuru Mugambi, the director of communication and public affairs at @KenyaBankers.#InukaSME pic.twitter.com/4JTpVIOzMm
— InukaSME (@InukaSME) November 29, 2018
Most small business owners lack formalised approaches to dealing with business issues. The @InukaSME program was initiated by KBA to empower entrepreneurs with skills that set them up for faster and accelerated growth.
KBA suggested that new or established businesses need not necessary need loans to run their enterprises. Still, the country offers a myriad of credit facilities with no or minimal interest rate charges. One should explore all options before making a decision.
I think there are many very good programs to support MSMEs to access formal finance including the #InukaSME program by @KenyaBankers. The FREE program helps business owners improve how they operate and manage their business.https://t.co/E5LkWnJijb
— Nuru Mugambi (@NuruMugambi) November 30, 2018
Most businesses need to realize that they do not necessarily need to take a loan for their business. There are other bank products that could be more suitable for that particular asset.
Explore all options first before making a decision.#InukaSMEhttps://t.co/bhhFl3UXLj pic.twitter.com/LUBOf54ZUP— InukaSME (@InukaSME) December 3, 2018
Others borrow loans at the wrong time of their business cycle.
Some people borrow loans at the wrong time in their businesses. But this only happens because of lack of knowledge.#InukaSME https://t.co/bhhFl3UXLj
— InukaSME (@InukaSME) November 30, 2018
Prudent planning was also mentioned as a key to business success.
How else can a business function without planning? Planning guides you in how you manage your funds, prioritizing the important parts of your business that need urgent financial solutions.#InukaSME https://t.co/bhhFl3UXLj
— InukaSME (@InukaSME) November 30, 2018
The 2016 FinAccess Household survey noted that 17.4 per cent of Kenyans are financially excluded from formal financial access due to poor credit scores.
