This archive report was first published on 6 August 2020.
On August 6, 2020, the Mastercard Foundation announced a series of key partnerships to bring relief and build the resilience of micro-, small- and medium- enterprises (MSMEs) in Kenya.
The COVID-19 pandemic has had a devastating impact on economies worldwide, with women and young people expected to bear the greatest burden due to reduced employment opportunities, layoffs, and poorly performing MSMEs, most of which are led and owned by women and young people.
The Mastercard Foundation has committed USD15 million to support a series of interventions that will facilitate business continuity, especially for those MSMEs led and owned by young women and help to cushion the economy in Kenya.
“MSMEs are the backbone of the economy and they need support more than ever. The Mastercard Foundation is proud to work with these partners to deliver tailored support to tens of thousands of MSMEs with the aim of helping them sustain their activities and continue to provide opportunities for dignified work,” said Daniel Hailu, Regional Head Eastern and Southern Africa at the Mastercard Foundation.
The partnerships will target various sectors, including low-cost loans to women-led MSMEs, emergency finance facilities, virtual business recovery hubs, and digital platforms to support e-commerce ecosystems.
Elizabeth Jeremiah, a 24-year-old business owner, wife, and mother of twins, shared her experience, saying, “I have a shop called Network Shop in Kiganjo Thika on the outskirts of Nairobi. When COVID-19 struck, I didn’t know what to do and that caused me a lot of panic and stress. I was struggling to keep my business running and I almost closed down due to the financial hardships. A repayable grant will be a lifesaving opportunity as I will have the funds to stay afloat and not have to close down my shop.”
