More than 500 MSMEs in Kenya will benefit from Yara International’s Sh 1 billion investment in a leadership academy. This will provide them with training and capacity-building on how to manage sustainable enterprises.
The Yara Leadership Academy will primarily target rural agricultural businesses in an effort to provide them with training in budgeting, working capital management, inventory control, marketing, and growth strategy.
500 farmers will benefit from the four-month (12-week) program with a focus on young and female-owned enterprises, during the initial cohort. By 2030, the company hopes to have enrolled 3,500 farmers.
According to William Ngeno, Yara’s country manager, although beneficiaries won’t receive cash assistance, they will gain access to free training and coaching in an effort to boost their turnover and business acumen.
“We are moving away from aid, donation, and focus on empowerment. Yara is committed to promoting the development of competitive and sustainable micro, small, and medium enterprises (MSMEs) within Kenya’s agricultural sector. ” Ngeno.
The personalized mentoring strategy used by Yara’s Leadership Academy will assist MSME business owners in better integrating and applying the knowledge they have learned from the Academy to their businesses while utilizing the power of digital technology to support business resilience and growth.
As part of its interventions to shield them from the impacts of the Covid-19 epidemic, the government introduced a Credit Guarantee Scheme for Micro, Small, and Medium Enterprises in September 2020. According to MSEA, this money has not benefited the targeted populations.
A lot of viable businesses and entrepreneurs were at risk of going out of business as a result of prolonged firm closures, low demand, and value chain disruptions, which put significant operational and financial pressure on SMEs.
Yara has been in Kenya since 1994 and claims it will rely on expanding digital inclusion to provide millions of farmers who depend on agriculture for a living more control over their lives.
“We want to see MSMEs business growing, it’s going to be a catalyst for economic growth. Besides, this is going to enhance food productivity and security in the country with our focus being on the provision of nutritious food to Kenyans,” Ng’eno said.
The program’s main goals include boosting food security and nutrition, encouraging innovation and investment, and boosting local economic growth via supporting MSMEs.