Small scale entrepreneurs urged to invest despite hard times

By Lawrence Ongaro

Kenyans operating small and medium-sized enterprises (SMEs) have been encouraged to continue investing for the future despite the difficult economic conditions affecting businesses across the country.

Senior officials from Old Mutual made the remarks while addressing business investors during a financial empowerment forum held in Thika town on Thursday, May 7.

The officials urged traders and members of the public to adopt a savings and investment culture to secure their financial future.

Importance of saving

The company is currently running an awareness campaign targeting SMEs and individual investors, encouraging them to set aside part of their earnings for long-term investments and insurance products.

Mr. Zacheaus Okoth Obuya, a manager at Old Mutual, acknowledged that many Kenyans are struggling financially due to the high cost of living and reduced business earnings.

Some employees of Old Mutual during a visit to Thika town. Photo/ Lawrence Ongaro

However, he emphasized that investing even small amounts consistently can help individuals build financial security over time.

He urged business owners not to wait until they become financially stable before investing, noting that discipline and consistency are key to successful financial planning.

“If you invest even a small amount of money for the future, you will definitely benefit later,” said Mr. Obuya.

SMEs urged to grow

Ms. Janet Nyarangi noted that despite the tough economic environment, SMEs still have opportunities to grow and expand if they embrace proper financial planning and investment strategies.

She encouraged entrepreneurs to seek financial knowledge and make informed decisions that can help strengthen their businesses and improve profitability in the future.

Ms. Christine Sogomo added that many entrepreneurs need more financial literacy to better understand how to manage and invest their money. She said the campaign will continue in several towns, including Nakuru, Eldoret, Kisumu, and Mombasa.

The officials also encouraged Kenyans to invest in school, business, and accident insurance policies as part of long-term financial protection.