Browsing: MSMEs in Africa

• Small scale firms in Africa urged to embrace technology, research, and development to power their growth at scale.
• African MSMEs have been challenged to tap opportunities presented by the African Continental Free Trade Area (AfCFTA) Agreement.
• Agriculture, manufacturing, ICT, minerals, and creative industries highlighted as sectors that have huge potential for MSMEs’ growth.

The African Union (AU) has called upon startups and micro, small, and medium-sized enterprises (MSMEs) across Africa to harness the power of innovation for their growth and sustainability. This appeal has been made by Albert Muchanga, the AU Commissioner for Economic Development, Trade, Tourism, Industry, and Minerals during the third African Union Micro, Small, and Medium-Sized Enterprises Forum, which is taking place between September 9 to 13 in Windhoek, Namibia, and virtually.

This forum, which is arguably one of Africa’s largest gathering of MSMEs, focuses on the theme: “Fostering Financial Empowerment and Educational Innovation for African …

• New data now shows that over 40 per cent of Small and Medium Enterprises (SMEs) in Africa are earning more money than before the pandemic
• Mastercard indicates that 46 per cent of SMEs in Africa, Eastern Europe, and the Middle East have surpassed pre-pandemic levels
• Online business and international sales are key drivers, with seven in ten (71 per cent) recording above-global-average growth in online sales, while 77 per cent are planning to do more business internationally

Over 40 per cent of Small and Medium Enterprises (SMEs) in Africa are earning more money than before the pandemic.

New data by Mastercard indicates that 46 per cent of SMEs in Africa, Eastern Europe, and the Middle East have surpassed pre-pandemic levels.

According to the Borderless Payments Report, online business and international sales are key drivers, with seven in ten (71 per cent) recording above-global-average growth in online sales, while 77 per …

The African Union (AU) announced its plan to put in place a guarantee scheme for micro, small, and medium-sized enterprises (MSME) to speed up the economic transformation of the continent.

The director in charge of delivery program and coordination at the African Union Development Agency (AUDA-NEPAD), Amine Idriss Adoume said that lack of affordable finance is one of the biggest impediments for the expansion of small businesses in Africa.

Speaking during the launch of the Pan-African MSME Academy for Kenya, Mr. Adoume said: “The scheme will be developed jointly with partners and seeks to unlock access to affordable finance for the continent’s small businesses.”

The Pan-African MSME academy plans to launch across Africa with specific content for each country in line with local business environments.

According to Mr Adoume, the academy has been positioned to enable small entrepreneurs to achieve sustainable growth as they emerge through the COVID-19 pandemic.…