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Most MSMEs now use business bank accounts report GERALD ANDAE A majority of small enterprises are now operating business bank accounts as opposed to using private accounts held by owners to transact business, indicating a move towards formalisation. A new report by banking industry lobby Kenya Bankers Association (KBA) and the Japan International Cooperation Agency (JICA) shows 80.4 percent of MSMEs operate a bank account in the business name, while the remaining 19.6 percent use personal accounts for their business operations. This follows aggressive moves by commercial banks in introducing accounts and loan products tailored for small businesses as they compete for a greater share of the MSME segment. “However, there is a narrow distinction between borrowing on a personal capacity and for business reasons among enterprises, as 54.3 percent of enterprises apply for personal loans and 45.7 percent apply for business loans both to support their businesses,” t

Inua biasharaJapan international cooperation agencyCentral bankKenya bankers associationமைய வங்கிகேந்ய வங்கியாளர்கள் சங்கம்