Barclays Bank has revealed that it has set aside Sh150 million ($1.5 million) to support 50 small firms within Africa.
The support scheme is expected to debut in Kenya and Botswana before trickling into other prime African markets.
The scheme, dubbed the enterprise and supplies chain development (ESD) pilot programme, will run for six months and will go into building capacity for smaller businesses by funding supply of goods and services to corporate organizations.
“As a bank, we are alert to the unique challenges facing SMEs customers and we have made it our responsibility to innovatively develop solutions that we believe can support their growth and help them prosper,” said James Agin, Barclays corporate and investment director.
The programme is expected to run through every market in which Barclays operates in.