Absa Bank Kenya has hosted entrepreneurs, industry experts and key stakeholders for an empowerment forum in Mombasa to explore business opportunities for Small and Medium Enterprises (SMEs) in the coastal region.

The forum, which is part of the Absa Business Club engagements, provides SMEs with an opportunity to learn about the latest industry trends, financial solutions, and networking opportunities in order to encourage long-term business growth. The forum also intends to increase interaction with SMEs by providing them with the knowledge and networks they need to navigate the ever-changing business landscape.

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The coastal regions, which rely heavily on tourism as their primary economic activity, contribute significantly to the country’s GDP. Mombasa County, for example, anchors Kenya’s coastal areas’ economic purse, accounting for 4.9% of the country’s annual GDP in 2023, according to the Kenya National Bureau of Statistics’ Gross County Product Report. The adjacent coastal counties of Kwale, Kilifi, Tana River, Lamu, and Taita Taveta each contribute an average of 4.5%, with Kilifi adding 2.1%, according to the 2023 Gross County Product Report.

Speaking during the forum in Mombasa, Absa Bank Kenya Chief Finance Officer, Yusuf Omari, highlighted the bank’s efforts in walking with SMEs to ensure they scale their businesses.

“As a bank, we are committed to ensuring that our customers are able to achieve their goals, and especially those in business. We provide the support and resources needed to empower businesses to grow and seize existing and new opportunities. We are not just here to offer financial support, but to encourage businesses to grow wholesomely through different solutions such as strategic networking and capacity building forums,” said Mr Omari.

As part of its strategy to support SMEs, Absa Bank has organized similar business forums in the Mt. Kenya Region as well as Western and Rift Valley to serve as a critical resource for its business club members offering access to markets, information, coaching and mentorship, and sustainable finance.