Alumnus featured in IFC's Annual Report

Alumnus Oscar Kimani's internet-based travel business trading as Transtech was just beginning to take off when the country was rocked by political turmoil following the disputed elections in late 2007. His family's business had burned to the ground in the ensuing mayhem, leaving them struggling to put food on the table. Riots across the country brought tourism to a virtual standstill, and Oscar's business also nearly folded as a result. The future was bleak. "IFC helped me stay alive," Oscar said of those difficult times. IFC’S Small and Medium Enterprise Solutions Center in Nairobi supported Oscar's business by deferring licensing and support fees, providing mentoring, and introducing him to new business opportunities. IFC's support and Osacr's hard work paid off and by end of 2008, he had paid all his debts. Today, Transtech is a thriving business that helps Kenya's travel industry take full advantage of business opportunities on the internet. Oscar has become a wide-ranging entrepreneur offering clients a variety of business services including web design, information technology outsourcing, and corporate training. He has also started a forum to help other young entrepreneurs start their own businesses. Supporting micro, small, and medium enterprises like TransTech is a key pillar of IFC’s strategy in Africa, given that such businesses are a significant part of Africa’s private sector. IFC reaches these businesses directly through its SME Solutions Centers in Kenya and Madagascar, which provide advice and financing to businesses, and by investing in financial institutions and advising them on how to better serve smaller businesses. IFC’s strategy is paying off. In 2008, provided 1.3 million loans totaling nearly $91 billion to small and medium enterprises. From the summer of 2007 through the end of 2008, it enabled 62,000 people across the world to receive training under its Business Edge and SME Toolkit programs. As IFC continues to focus on the sector, more budding entrepreneurs like Oscar can pursue their dreams. "What I had was the vision," Oscar says. "And IFC provided me with the means," he added. Oscar was a co-founder of SIFE (Students in Free Enterprise) Club at the University.

Source: SALO (2009-12-01)