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Financial inclusion of MSMEs the main theme at UN event

The United Nations Conference on Trade and Development (UNCTAD) has held a workshop focussing on financial inclusion for micro, small and medium-sized enterprises (MSMEs) and the challenges they are facing in sub-Saharan Africa.

The event titled, Financial Inclusion: Best Policy Practices and Guidelines on Accounting and Insurance Regulation for MSMEs, was attended by policy makers and regulators, focussing on the impact of the challenges for MSMEs across Africa.

For the event on 19 and 20 July UNCTAD partnered with the Kenyan government, the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Kenya (ICPAK).

UNCTAD chief of staff on behalf of the secretary general Daniel Owoko 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 as a great way to make policies become practical realities.”

ACCA director for Sub Saharan Africa Jamil Ampomah said: “MSMEs typically have limited access to financial services, which stifles growth and innovation. Access to such services can be a key factor in accelerating MSMEs contribution to sustainable and inclusive growth. That’s why events such as this are needed to discuss policies about financial inclusion, so that MSMEs know who to turn to and when.”

ICPAK CEO Edwin Makori added that the workshop and strengthening regional collaboration to address challenges will aid the implementation of the African Union's Agenda 2063.

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