The Old Mutual Group has announced the launch of the Old Mutual Business Roundtable, a new initiative designed to foster collaboration and growth among small and medium-sized enterprises (SMEs) across East Africa.
This strategic network aims to unite SME owners with investors, financial institutions, professional associations, and industry experts to create opportunities for mutual advancement.
The Old Mutual Business Roundtable addresses a significant gap in the SME sector by providing a dedicated platform for networking and financial solutions tailored to the unique needs of small businesses. This initiative is especially pertinent in Kenya, where 54 percent of the population either own or co-own a business. Despite this high level of entrepreneurial activity, many of these business owners face challenges due to a lack of accessible networks and critical information necessary for business advancement, as highlighted in the Old Mutual Financial Services Monitor (OMFSM).
The OMFSM, an annual report analyzing the financial behavior and attitudes of Kenya’s working population, reveals that although various financial service providers are available—including banks, insurance companies, and mobile services—SMEs often struggle to navigate and effectively utilize these resources.
The report indicates that only 13 percent of business owners have a financial advisor, while 43 percent are uncertain about where to seek financial support. Consequently, 20 percent of business owners are dealing with debt, and 46 percent are experiencing significant financial stress.
The Old Mutual Business Roundtable seeks to address these issues by simplifying the connection between entrepreneurs and solutions to their common challenges. Arthur Oginga, Old Mutual’s Group CEO, emphasized the importance of the initiative, stating, “At Old Mutual, we recognize the vital role SMEs play in driving economic growth and the considerable challenges they face on a daily basis. Through the Business Roundtable, we aim to provide them with a dynamic platform where they can connect, learn, and access the support necessary for their success.”
The initiative will offer SMEs a structured environment to engage in knowledge-sharing sessions, gain insights into market trends, and explore innovative financial solutions within Old Mutual’s portfolio and its extensive networks. The Old Mutual Business Roundtable represents a significant step towards enhancing the resources and support available to Kenya’s SME sector, ultimately fostering a more robust and resilient business community.
