Absa Bank Kenya on Thursday 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.

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

“As a bank, 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 wholly through different solutions such as strategic networking and capacity building forums,” said Omari Absa Bank CEO.

The coastal regions, which rely heavily on tourism as their primary economic activity, contribute significantly to the country’s GDP.

According to the Kenya National Bureau of Statistics’ Gross County Product Report Mombasa County which anchors Kenya’s coastal areas’ economic purse accounted for 4.9 percent of the country’s annual GDP in 2023.

The adjacent coastal counties of Kwale, Kilifi, Tana River, Lamu, and Taita Taveta each contributed an average of 4.5 percent with Kilifi adding 2.1 percent.

As part of its strategy to support SMEs, the lender has arranged similar business forums in Mt. Kenya Region Western and Rift Valley.

Omari noted that these forums will be a vital resource for the members of the Bank’s business clubs, providing them with access to markets, information, coaching, mentorship, and sustainable finance.