Rebecca Miano calls on digital lenders to support small businesses

Investments, Trade and Industry Cabinet Secretary, Rebecca Miano.[Wilberforce Okwiri, Standard]

Investments, Trade and Industry Cabinet Secretary, Rebecca Miano, has called on digital lending firms to address the challenge of limited access to affordable credit for small businesses.

Speaking during celebrations to mark Tala Kenya's 10th anniversary in Nairobi, Miano emphasised the crucial role of Micro, Small, and Medium Enterprises (MSMEs) in the economy and their struggles with financial accessibility.

"The Government has, over the years, prioritised financial inclusion through policy frameworks that have enabled transformative banking options to thrive," she said.

She urged Tala to collaborate with the newly launched Karibu Business Support Centre (KBSC), which aims to streamline processes for investors and manufacturers.

"As we celebrate Tala's 10th anniversary, I urge new partnerships. I invite Tala to explore collaboration with my Ministry's newly launched KBSC, a one-stop shop providing information and guidance to investors, traders, and manufacturers," she added.

Tala CEO Kenya, Annstella Mumbi, said the company continues working with regulators and governments to shape policy around responsible lending and financial inclusion in the region.

"Moving into the next decade, we believe that we will be moving to a second phase of the industry, thinking beyond access and into the ability of the industry and Tala to offer more customer-centric solutions - personalised," she said.

Since opening its doors in Kenya in 2014, Tala has served over 3.5 million Kenyans and disbursed more than Sh300 billion with a customer base of 9 million customers, including in the Philippines, Mexico, and India.