FSD Africa seeks to commission a scoping study to examine market barriers that limit MSME financing through Kenya’s capital markets. Kenya’s markets are relatively advanced in the region and, in principle, could support scalable, local-currency MSME financing through listed and unlisted debt, collective investment schemes, private placements, receivables and supply-chain finance platforms, and structured products such as asset-backed securities. Despite MSMEs representing about 98% of businesses, generating over 30% of new jobs annually, and contributing roughly 40% of GDP, the uptake of MSMEfocused capital markets instruments remains low, and the financing gap persists