The creative economy contributes over 5.3% of Kenya’s GDP annually, with more than 300,000 creative entrepreneurs actively shaping the sector. However, lack of access to finance remains the single biggest constraint to the industry
NCBA and HEVA Fund have launched a suite of financial products to allow creative artists and entrepreneurs to access tiered financing solutions, the firms announced during the NCBA Creative Economy Summit and Elev8 LIVE album launch.
“Financial institutions tend to engage with structured traditional forms of financial access,” said NCBA’s Group Managing Director John Gachora. “However, most creative artists and enterprises operate independently and are not affiliated with cooperatives or formally recognized businesses. This is why they remain unseen by financial institutions and investors. With the HEVA Fund partnership, we are developing a financial ecosystem that creatives rightfully deserve, one that understands the unique nature of creative work – irregular income cycles, and the need for flexible, sustainable financing. “
The two will offer Event Financing, Invoice Discounting, LPO Financing, Working Capital Financing and Start Up Incubator Financing. These tailor-made financial products will offer creatives access to capital for production, equipment, marketing, events, touring, digital distribution, and business development.
Working on a 50:50 capital match structure, HEVA Fund and NCBA will share expertise in tailored financing for creatives, research, policy, and investment and financial muscle, digital capabilities and regional reach respectively.
Wakiuru Njuguna, Managing Partner at HEVA Fund, “This partnership reflects the growing commercial confidence in the viability and economic importance of creative MSMEs, which are now an increasingly visible contributor to our national GDP.
Elev8 LIVE album launch is an NCBA-powered celebration showcasing emerging talent and the evolving landscape of Kenyan music.
NCBA Elev8 LIVE platform is expected to help artists redefine their future in music, and access studio time, mentorship, digital storytelling support, high-energy live performance opportunities and training on how to earn, save and invest for a sustainable financial future.
“Talent is everywhere, but opportunity is not. For years, Elev8 LIVE has been committed to nurturing raw music talent and giving young artists a fighting chance,” Motif Di Don, founder and lead producer at Elev8 LIVE Studio.
