The KBA chief executive officer said the limited access to credit impedes the growth of MSMEs. Olaka spoke during the launch of the 2021 MSMEs Survey Report, conducted by the KBA Centre for Research on Financial Markets and Policy and the Japan International Cooperation Agency. The survey found that only 22 per cent of MSMEs reviewed applied for to start-up capital loans, out of which only 9 per cent was from banks. “This report is critical in bridging the existing information gaps between financial service providers and MSMEs,” Olaka said. With over 7.4 million MSMEs, employing over 15 million people, these enterprises contribute about 30 per cent to the national value-added tax,” Olaka said.

Source: The Star July 04, 2021 01:52 UTC