AU MSME gathering explores finance accessibility

Namibia is currently hosting the third Annual African Union Micro, Small, and Medium Enterprises (AU MSME) Forum, running from Monday, 9 September 2024, to Friday, 13 September 2024, in Windhoek. This marks the first time the Forum is being held in Namibia and Southern Africa, with the Namibia Investment Promotion and Development Board (NIPDB) spearheading the event, alongside private sector sponsors. Entrepreneurs from all 54 African countries, along with 300 delegates, are in attendance, participating in workshops, panel discussions, and networking opportunities.

Bank Windhoek, one of the event’s sponsors, has been actively engaging entrepreneurs, discussing the critical role that financial institutions play in supporting MSMEs. Leon Koch, Bank Windhoek’s Executive Officer for Business Banking, participated in a panel discussion titled “Figuring out Finance for Africa’s SMEs and Navigating the Sources of Funding for African Entrepreneurs.” Koch highlighted the importance of structured repayment terms and the value of building strong relationships with banks to secure financing for businesses.

During the Forum’s official opening, NIPDB CEO Nangula Uaandja emphasized Africa’s untapped potential, noting that the continent holds solutions to many global challenges. She stressed the need for increased exploration of Africa’s resources, which could reveal greater contributions to the world economy.

Entrepreneurs at the Forum are showcasing their businesses in various sectors, with many participating in *Chelete Cage*, an initiative designed to help businesses overcome financing challenges through financial and non-financial support. This program facilitates connections between startups, MSMEs, and business support organizations (BSOs), providing opportunities for mentorship and investment.

Bank Windhoek’s Head of Stakeholder Engagement, Bronwyn Moody, reiterated the bank’s commitment to driving Namibia’s financial growth and contributing to Africa’s economic landscape. She emphasized the importance of empowering MSMEs, as they play a crucial role in job creation and innovation within their industries.

This year’s AU MSME Forum, themed *Fostering Financial Empowerment and Educational Innovation for African Startups and MSMEs*, follows the inaugural forum in Cairo, Egypt (June 2022) and the second forum in Addis Ababa, Ethiopia (September 2023). The event continues to shape the development of MSMEs across Africa, driving initiatives that support the growth of startups and small businesses.