Access to financial services will foster growth in SSA

Access to financial services will foster growth in SSA

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Access to financial services for small and medium-sized enterprises (MSMEs) in sub-Saharan Africa can be a key factor in accelerating MSMEs contribution to sustainable and inclusive growth.

Speaking at UNCTAD workshop recently held in Nairobi, Kenya, Mr. Jamil Ampomah, Director, Sub-Saharan Africa at the Association of Chartered Certified Accountants (ACCA), said the limited access to financial services in African countries which stifles growth and innovation.

The workshop, in partnership with with the Kenyan government, ACCA and the Institute of Certified Public Accountants of Kenya, (ICPAK) focused on developing policies about financial inclusion, so that MSMEs know who to turn to and when.

The event titled, Financial Inclusion: Best Policy Practices and Guidelines on Accounting and Insurance Regulation for MSMEs, focussed on the impact across Africa and was attended by key policy makers and regulators including Mr. David Gichana, Deputy Auditor General of Kenya.

Mr. Daniel Owoko, Chief of Staff on behalf of the Secretary General of UNCTAD, said: ‘This workshop’s objective was to help decision makers and other key stakeholders to address issues of financial inclusion, and examine the design and implementation of accounting and insurance policies to help MSMEs grow and prosper. UNCTAD encourages developing regional partnerships is a great way to make policies become practical realities.’

Mr. Edwin Makori, Chief Executive Officer of ICPAK said, ‘The workshop shared good practices on financial inclusion, accounting and insurance for MSMEs, and we all had the chance to contribute to strengthening regional collaboration to address these challenges, particularly towards implementation of the African Union’s Agenda 2063 – after all, financial capacity building is central to the development of economies.’

http://www.accaglobal.com/africa/en/news/2017/july/MSMEs_kenya.html