During a public participation forum on the National Trade Development Bill of 2025 in Kisumu, the traders aired their disgruntlement of the high cost of credit and thus pointed at expensive loans as the major hindrances to Micro, Small and Medium Enterprises (MSMEs) growth.
This came out as a matter of concern that business owners at the trade forum also demanded that the various business licenses and fees be harmonized so as to ease the running cost of the business.
Among the forum participants is the idea that even if MSMEs are the main pillar of the economy, the biggest problem facing them is getting decent financing that is affordable thus restricting them from scaling up their businesses and generating more jobs. The traders called on the government to take leadership in this matter by coming up with lower interest rates and special small business, friendly financing mechanisms.
The National Trade Development Bill of 2025 aims at merging and aligning the existing trade legislations with the country’s overall development framework. It includes such major proposals as streamlining and harmonizing licences and permits across the national and county governments, which is expected to cut down on red tape and get rid of duplication that at times cash, strapped traders suffer from.
In addition, the bill will set up both a National Trade Council and a National Trade Development Academy that will serve to enhance intergovernmental coordination and skill, building in the trade sector, respectively.
