This archive report was first published on 7 August 2020.
The COVID-19 pandemic has had a devastating impact on economies worldwide, with women and young people bearing the brunt of reduced employment opportunities, layoffs, and poorly performing MSMEs.
On August 7, 2020, the Mastercard Foundation announced a series of key partnerships aimed at bringing relief and building the resilience of MSMEs in Kenya.
The partnerships, which will be rolled out this month, are part of the Mastercard Foundation COVID-19 Recovery and Resilience Program and will be implemented by Kenya Private Sector Alliance (KEPSA), Women Work Network, Kenya National Chamber of Commerce & Industry (KNCCI), and TechnoServe, with technical support from the Grassroots Business Fund and 4G Capital.
The commitment from the Mastercard Foundation to the four lead partner organizations totals USD15 million and will 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.
KEPSA will target 400 MSMEs to access an emergency finance facility, while Women Work Network will provide low-cost loans to women-led MSMEs to enable them to withstand revenue drops. KNCCI will run interventions that include low-cost business loans and a trade digital platform to support an e-commerce ecosystem.
TechnoServe will work with 28,000 microretailers, 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.
