Britam Hosts SME Forum to Unlock Growth Amid Profit Pressures
Insurance firm Britam on Thursday convened business leaders, entrepreneurs and industry experts in Eldoret city for it’s second edition business networking forum aimed at equipping small and medium-sized enterprises (SMEs) with strategies to drive growth in an increasingly challenging operating environment.
The event, held at the Grand Empire Hotel, was themed “Unlocking SME Growth Potential: Profit Under Pressure.” It brought together business owners from across the North Rift region to discuss practical approaches to improving profitability, managing risks and building resilient enterprises.
The keynote address was delivered by Mrs Mary Lelei, Co-Founder and Deputy Chief Executive Officer of St Luke’s Hospital in Eldoret City, who shared insights into her entrepreneurial journey since founding the hospital in 2012. She reflected on the challenges and milestones that have shaped the institution’s growth, noting that the hospital is steadily approaching its 15-year milestone as a leading healthcare provider in the region.
Speaking during the Biashara Network Connect forum in Eldoret, Britam Chief operating officer Leonard Chirchir said SMEs contribute about 30 per cent of Kenya’s Gross Domestic Product (GDP) and account for nearly 80 per cent of formal employment, making them a critical pillar of the country’s economic development.
“Without SMEs, Kenya’s economy is doomed. They are the backbone of our economy and must be protected by all means,” he said.
Citing recent survey findings, Chirchir said there are about 44,000 registered SMEs, of which approximately 25,000 are active. He added that SMEs account for about 85 per cent of businesses in Kenya, highlighting the vibrant entrepreneurial ecosystem.
To support the sector, Chirchir said Britam offers a range of insurance solutions tailored to the needs of SMEs. These include general insurance, property insurance and micro-insurance products designed to protect businesses against financial losses and operational risks.
He noted that access to affordable and relevant insurance solutions enables entrepreneurs to recover quickly from unexpected setbacks, safeguard their investments and confidently pursue growth opportunities.
Chirchir urged both the public and private sectors to strengthen support for SMEs through enabling policies, access to finance and risk management solutions that enhance business resilience and drive long-term economic growth.
