NCBA partners with Motif Di Don, launching ELEV8 Live Studio to support, finance, and mentor Kenyan music talent.
The Kenyan music industry has seen a lot of great talent and many more are yet to rise due to challenges like resources, good managers and affordable producers. NCBA Bank is taking a deliberate step towards this, one great example being a partnership with top music producer Motif Di Don. Through this partnership, the bank has launched ELEV8 Live Studio designed to discover new talent, nurture musicians and provide a platform to elevate their careers. This is a great move by the bank as empowerment for the creative economy while linking back to its broader sustainability commitments.
We have quite a big creative economy contributing 5.3% of GDP, and engaging thousands of people in creative entrepreneurship. Yet, the sector struggles due to limited access to finance, low loyalty earnings which come about due to weak structures. Only a small percentage of artistes have consistent royalties and the opportunity for growth and elevation is clear.
There is so much local and global potential in music especially in this technology and social media age, with streaming, licensing and live events as multiple streams of revenue.
Like in every other sector needing support from financial institutions, artistes face the challenge of lack of collateral. Many of them do not have registered businesses or clear records or masters for their music, making it hard to evaluate their earnings.
Another challenge is that in the eyes of society, creative work is often undervalued in favour of formal professions, and this is a perception that affects decision making in financial institutions that do not have products tailored for creatives.
Most musicians are young and have assets like land or buildings to hold as collateral. Yet they do hold valuable masters that, if recognized, could work as security. This the masterstroke that the NCBA partnership with Motif Di Don is exploring, with the bank responding with both financial and non-financial solutions.
Through ELEV8 Live Studio, upcoming artistes are able to access much needed mentorship and exposure, under the expert guidance of Motif Di Don. NCBA is also designing financial facilities that can meet creatives at their pain point, including the possibility of recognizing masters as collateral for credit. The bank is not working along for the creative economy, but also with partners like Mastercard and HIVA fund. NCBA also hopes that its approach will inspire other institutions to empower the sector.
Because it is one thing to make money and quite another to know how to spend it, financial literacy is another area that NCBA is keen on. Many artistes lack the skills to manage their money sustainably and end up not making much of their careers. NCBA already runs webinars and customer engagements to build financial discipline, and artistes will certainly benefit from that. This is important because in the end, long term growth in the creative sector needs artistes to understand saving, investing and contracts.
For artists, the message is direct. You now have an institution willing to recognize your talent as bankable, and to stand with you in mentorship and financial growth. By working with Elev8 Live and NCBA, you open doors for networks, knowledge and new financing models that see your intellectual property as an asset.
There is no shortage of talent in Kenya but without structured support, musicians are bound to struggle to elevate into their dreams. With the backing of a powerful institutions like NCBA and hopefully others to come, music has a chance to grow into a sustainable industry that contributes more significantly to GDP and provides consistent income to artists.
The Kenyan music industry has been longer overdue for this kind of support and with NCBA showing structured support and respect for creatives, the sky is the limit.
Musicians, Go For It!
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