Vokenel Limited fast-tracks access to finance through improved investor readiness

Vokenel Limited is a Kenyan processing company focusing on baobab oil and baobab powder and based in Makueni County. According to Nelly Ngunguru, the Managing Director of Vokenel Limited, the company’s goal is to promote the use of organic products for enhanced human health.  

Vokenel Limited struggled with a lack of sufficient finance to scale up. “We did not have enough finance to source more raw materials or revamp our production. This meant that the business remained stagnant, and we could not explore the available growth opportunities,” said Nelly.  

The International Finance Corporation (IFC) estimates that 40 percent of small and medium enterprises (SMEs) in developing countries have an unmet financing need of $5.2 trillion. In Kenya, these enterprises fail to meet the financing criteria by financial institutions due to inadequate capacity, and some even lack knowledge about the requirements to access finance opportunities or the available options.  

This finance gap for SMEs translates into an inadequate capacity to take up business growth opportunities, such as in the case of Vokenel Limited. How can these enterprises fast-track the available finance opportunities to grow? 

“I joined the Invest in Africa program for upscaling manufacturing SMEs to learn how to scale up my business, especially by successfully pursuing funding opportunities,” said Nelly.  

The program involved five modules: Access to fiancé, access to market, good manufacturing practices, transparency and traceability, and new product development. Under the access to finance module, the entrepreneurs developed professional financing pitch decks. Through proper technical support and guidance, the pitch decks ensured that the entrepreneurs could effectively pitch their businesses to financiers.  

According to Nelly, developing a pitch deck was an eye-opener to the available funding options, including realizing financial institutions specializing in a particular industry. She adds that “The opportunity to interact with a variety of financial institutions within the program enabled me to learn about the available opportunities and the requirements to fit the selecting criteria”.  

Nelly says that Vokenel Limited has successfully applied for two finance opportunities, including a grand opportunity from Kenya Climate Innovation Center (KCIC). “I am confident that the company can acquire the opportunities considering its efforts to meet the requirement and the professional pitch deck that enabled us to present the company effectively”, she adds. 

Vokenel Limited is one of the 40 enterprises from Kenya and Uganda that participated in a program to upscale manufacturing SMEs in natural products. The program was implemented by Invest in Africa (IIA) in partnership with GIZ Business Scouts for Development.