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Visa makes move to boost small businesses

MONEY & CAREERS
By Sara Okuoro | February 20th 2021

Visa has announced the expansion of its Practical Business Skills program to help small and micro business (SMB) owners make confident, informed decisions to grow their businesses. 

This comes amidst of the current economic crisis that has impacted small businesses locally.

The program provides tools for SMB-owners to aid in keeping their businesses afloat and to identify opportunities for potential growth amidst the situation.

Corine Mbiaketcha, General Manager for Eastern Africa at Visa, noted the significant role that SMBs play in Kenya’s overall economic health.

“SMBs are the backbone of Kenya’s economy. It is crucial to empower SMB-owners with knowledge, skills, and access to services that support them in rebuilding -or starting- stronger, digitally enabled businesses,” said Mbiaketcha.

”Practical Business Skills is part of Visa’s commitment to provide resources and knowledge to help drive inclusive, sustainable and equitable economic growth for entrepreneurs, businesses and communities here in Kenya and around the world,” she added.

Corine Mbiaketcha, Vice President and General Manager for Visa – East Africa.

A study conducted in 2016 by the Kenya National Bureau of Statistics showed that there were 1.56 million licensed SMBs and 5.85 million unlicensed businesses in both formal and informal sectors in Kenya.

Globally, SMBs account for more than 90 per cent of global businesses and are the source of 50 per cent to 60 per cent of global employment.  With the one-year mark of the Covid-19 pandemic approaching, the SMB community needs support to continue adapting, as their contribution to their communities and the global economy cannot be overstated.

The Practical Business Skills offers growth-minded entrepreneurs tools to help start, manage and expand a business. With more than 50 online learning modules, the platform addresses the needs at various stages of the business lifecycles. 

 

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