Browsing: MSMEs

• Market size of Africa’s digital economy could reach $712 billion by 2050.
• In 2022 only 36 percent of the African population had access to broadband internet.
• Mobile Network Operators (MNOs) are streamlining adoption of 5G services.

Africa is on the verge of an economic revolution. From the north to the southern part of the Saharan desert, nations are striving to eliminate poverty and gain a strong foothold in global markets.

In the same vein, the continent is banking on the potential held by the digital economy. Reports ping the sector to higher standards, including a report from non-profit Endeavor predicting that the market size of Africa’s digital economy could reach $712 billion by 2050.

The growth is propelled by the massive engagement of the continent’s younger population, rising smartphone adoption and increasing internet penetration.

Read also: World Bank backs Smart Africa’s Digital Academy with $20M grant

Digital economy in

The exhibition will hold a discussion where the panellists will highlight how SMEs were, are, and will always be critical to the growth of the global economy.

The majority of small and medium-sized enterprises account for most businesses worldwide and are significant contributors to job creation and global economic development. Small and Medium Enterprises represent about 90 per cent of businesses and more than 50 per cent of employment worldwide.

Formal SMEs in developing countries contribute up to 40 per cent of GDP, with the percentage getting significantly higher when informal SMEs are included. Experts say that over 500 million jobs will be needed by 2030 to absorb the growing global workforce caused by the increasing population.…

• Organic Diaries Limited, Tropical Lush Limited, Meditrust Healthcare Services and Organic Fields are some of the winners of the KSh 33 million grant fund
• The grant funds are being issued under the Accelerate Program which aims to position Kenyan businesses for success while addressing the skills gap in the country 
• So far, the program has managed to reach over 850 small businesses, providing them with both financial and non-financial support

Kenya’s Stanbic Bank has unveiled the 7 recipients of a new KSh 33 million grant fund.

Through its Accelerate Programme, the bank signed Stanbic Foundation and United States African Development Foundation (USADF) to hand over the funding to the businesses.

The Fund’s recipients, who were selected out of over 500 applicants across the country, include Organic Diaries Limited, Tropical Lush Limited and Meditrust Healthcare Services.

Others are Organic Fields, Tarakwo Diaries Company Limited and Tovuti Group who won KSh 5 …

• Mastercard Impact Fund has committed a initial philanthropic investment of $25 million 
• The company said small business owners are currently in need of innovative solutions
• It builds on Mastercard’s $250 million commitment to support small businesses’ financial security made last year

Mastercard, through the Center for Inclusive Growth, has launched a new program dubbed ‘Strive’, to strengthen the financial resilience of small businesses as well as support their recovery and growth.

In a statement, the company said the initiative, which is global, will help micro and small enterprises transition to using digital platforms and processes.

The technology company said the launch of the initiative comes at a time when there has been a rapid shift towards digital services, which was necessitated by the coronavirus pandemic.

An initial philanthropic investment of $25 million from the Mastercard Impact Fund has been committed to the initiative whose aim is to help more than …

Invest Africa has launched a new programme of support for over 500 African MSMEs.

In a statement, the company, which is a trade and investment platform for African markets, says it will be hosting the Next Generation Africa Forum to connect MSMEs across the Continent.

The forum will take place virtually on 16th September using a digital platform, with practical support from leading banks, VCs, multi-national tech companies and incubators, including Google, KPMG, DHL, Aon and 4G Capital.

“MSMEs form the backbone of Africa’s economies and are the engine of the region’s job creation drive, accounting for 70 percent of employment,” the company said in a statement.

The firm also noted that with a high proportion of informal enterprises, many of Africa’s MSMEs, which already faced significant challenges, have been hit hard by the Covid-19 pandemic.

Addressing the structural difficulties that small businesses in Africa face, will therefore be essential …

Uganda’s Micro, small and medium enterprises (MSMEs) that have been greatly affected by the COVID-19 pandemic are going to access affordable credit to help them get back into business.

This is after the launch of the COVID-19 recovery and resilience programme by Brac Bank and Brac Uganda, a non-governmental Organisation, with support from Mastercard Foundation.

The program aims at supporting the recovery of Uganda’s MSMEs that have been greatly affected by the pandemic.

Speaking during the launch of the programme in Kampala, Jimmy Onesmus Adiga the managing director Brac Uganda Bank, said the programme is intended to improve economic access and recovery for 5,400 women group borrowers, with access to microloans at a low-interest rate.

He also added that the funds will help build the capacity of Brac’s 2,891 community health workers and ensure their safety as they work to reduce coronavirus infection rates.

George Matete the director Brac NGO …