Britam Hosts SME Forum to Unlock Growth Amid Profit Pressures
Insurance firm Britam on Thursday brought together business leaders, entrepreneurs and industry experts in Eldoret for the second edition of its Biashara Network Connect forum, aimed at equipping small and medium-sized enterprises (SMEs) with strategies to drive growth in an increasingly challenging business environment.
Held at the Grand Empire Hotel under the theme “Unlocking SME Growth Potential: Profit Under Pressure,” the forum attracted 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, who shared lessons from her entrepreneurial journey since establishing the hospital in 2012. She reflected on the challenges and milestones that have shaped the institution’s growth as it approaches its 15-year milestone.
Britam Chief Operating Officer Leonard Chirchir said SMEs remain the backbone of Kenya’s economy, contributing about 30 per cent of the country’s Gross Domestic Product (GDP) and accounting for nearly 80 per cent of formal employment.
“Without SMEs, Kenya’s economy is doomed. They are the backbone of our economy and must be protected by all means,” Mr Chirchir said.
He cited recent survey findings indicating that Kenya has about 44,000 registered SMEs, with approximately 25,000 actively operating, adding that the sector accounts for about 85 per cent of businesses in the country.
Mr Chirchir said Britam provides insurance solutions tailored to SMEs, including general, property and micro-insurance products designed to shield businesses from financial losses and operational risks.
He noted that affordable and relevant insurance products enable entrepreneurs to recover quickly from unexpected setbacks, protect investments and pursue growth opportunities with confidence.
Mr Chirchir called on both the public and private sectors to strengthen support for SMEs through enabling policies, improved access to finance and effective risk management solutions to enhance business resilience and spur long-term economic growth.
EldoHub Executive Director Chepkemoi Magdaline described the forum as an eye-opening experience that offered practical insights into the risks confronting SMEs and strategies for building more resilient businesses.
“What really stood out was the conversation on cyber risk. As more businesses embrace digital tools, protecting against cyber threats is no longer optional; it is a key part of running a resilient business.” Chepkemoi said.
She said the forum also highlighted other often-overlooked business risks and underscored the important role insurance plays in helping enterprises recover from unexpected disruptions and maintain business continuity.
Ms Chepkemoi noted that the discussions reinforced the need for entrepreneurs to prioritise risk management alongside business growth, saying resilience has become essential for SMEs operating in today’s rapidly changing business environment.
