This archive report was first published on 6 August 2020.
The Mastercard Foundation has announced a series of key partnerships to support Micro, Small, and Medium Enterprises (MSMEs) in Kenya, which will bring relief and build the resilience of these businesses amid the COVID-19 pandemic.
As the pandemic continues to affect economies worldwide, women and young people are 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.
On August 6, 2020, the Mastercard Foundation announced a commitment of USD15 million to support a series of interventions targeting MSMEs in Kenya through the Mastercard Foundation COVID-19 Recovery and Resilience Program.
The four lead partner organizations are Kenya Private Sector Alliance (KEPSA), WomenWork Network, Kenya National Chamber of Commerce & Industry (KNCCI), and TechnoServe, with technical support from the Grassroots Business Fund and 4G Capital.
KEPSA will target 400 MSMEs to access an emergency finance facility, while WomenWork Network will provide low-cost loans to women-led MSMEs through their Rebuild Program. KNCCI will run interventions including low-cost business loans and a trade digital platform to support an e-commerce ecosystem.
TechnoServe will work with 28,000 micro retailers, primarily women and young people, through the Micro-enterprises Strengthened for Pandemic Adaptation and Resilience in Kenya (mSPARK) program, providing targeted digital technical assistance and facilitating financial support.
“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.
