Small businesses owners in Kenya have been urged to enroll for financial literacy trainings in order to secure scalability of their enterprises.
Oya Micro Credit Kenya Chief Executive Officer Wycklife Ochola said financial literacy programmes which it conducts for Small and Medium Enterprise (SME) owners has become a central pillar of its operations, helping borrowers make informed financial decisions while supporting business sustainability.
“Credit is a powerful tool for economic empowerment, but it must be accompanied by financial education. We have learnt over the past four years that when clients understand how to manage their finances and use credit responsibly, they are more likely to succeed in their businesses and personal financial goals,” he said.
According to Ochola, many entrepreneurs particularly those operating SMEs continue to face challenges related to budgeting, cash flow management and financial planning.
While access to credit has been boosted by mobile banking, digital lending and rise of microfinance institutions, financial literacy levels remain low, a factor which continues to contribute to debt burden.
“We have seen many businesses with great potential struggle not because they lack customers, but because they lack the financial knowledge needed to manage growth and maintain healthy cash flow. When people understand how to budget, track expenses and plan repayments, they are better equipped to use loans productively and avoid financial distress,” he said.
The lender says it has integrated financial education into its lending model where customers are taken through guidance on responsible borrowing, repayment planning and business management.
“Sustainable lending goes beyond disbursing loans. When borrowers succeed, businesses grow, jobs are created and communities prosper. That is the impact we want to achieve,” he noted.
The firm currently operates 110 branches across the country and serves at least 20,000 customers every month.
