Browsing: Small and Medium Enterprises

Tax relief or a better legal framework for SMEs and start-ups would have been a major milestone for Tanzania’s private sector development agenda, however, the Finance Act does not address the heavy burden that start-ups and SMEs face when doing business in Tanzania and furthermore the proposed allocation of local government to the improvement of local entrepreneurship infrastructure was proposed, it was subsequently removed along with the contribution of local government finances to women entrepreneurs as well.

It would have been an opportunity for the Finance Act to enact amendments to certain Anti-Money Laundering Act and Economic Crimes Act provisions that treat tax offences as economic crimes or money laundering offences that are unbailable offences when they should be treated as tax offences that attract hefty fines and/or penalties.

Other areas that could have been amended are the problematic provisions of the Tax Administration Act including section 52(10) which provides …

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.…

Many investors are getting more and more cautious about the stability of business environments and the risks that come with them.

Small and Medium enterprises are now poised to play a crucial role in stabilizing and fixing the global economy. SMEs substantially outnumber big shareholding companies and create more job opportunities. They are inherently entrepreneurial, substantially contributing to the shaping of innovation globally.

All the creators and participants of the Annual Investment Meeting agree that SMEs are the centre and the life of emerging and developed economies. Small and Medium Enterprises are also critically important for driving global economic growth and achieving global Sustainable Development Goals.…

EAC Partner States still have a critical role in enabling MSMEs growth to ensure long term sustainability and recovery by promoting programmes that prioritise MSMEs to spur demand for quality finished goods and progressively improve the region’s competitiveness.
“As the Community, we have the responsibility of enabling MSMEs growth to ensure long term sustainability and recovery,” said Dr. Mathuki.
The EAC Official informed the Exhibitors that the theme for this year recognises the impact of the Covid-19 pandemic on trade and places greater emphasises on quality and innovation as critical paths to enhance competitiveness. …

The MPA outlines proposals to support robust economic and manufacturing sector recovery, consistent with the government’s post-Covid-19 recovery strategy. The Priority Agenda highlights the importance of a competitive local manufacturing sector.
With the globalization of world economies, it is impossible to insulate production or demand from global competition and changes. As such, manufacturers in Kenya must battle it out with formidable competitors such as China, India, Egypt, and South Africa. Improving regulatory efficiency, promoting access to quality, affordable and reliable energy, reducing transport and logistics costs, and enhancing cash flow for manufacturers will drive our competitiveness.…

Africa has more digital financial services deployments than any other region in the world, with almost half of the nearly 700 million individual users worldwide.…

Africa spends upwards of US$ 35 billion per year importing food.…

The economic disruption caused by the Covid-19 pandemic has slowed the region’s growth projection to 1.2 per cent for 2020.…

As Kenya’s SME sector grows through a tough economic time, mentors are increasingly targeting the sector to offer guidance to small businesses.

The latest entrant is Wylde International which has invested Sh50 million in a one-stop-shop entrepreneurs centre in Nairobi dubbed SNDBX.

SNDBX gives entrepreneurs and SMEs timely and personalised access to round the clock business growth experts to help face challenges they are experiencing.

The centre is an all-access pass to more than 20 experts including finance, human resources, tax, legal, branding, marketing, debt collection, innovation, governance and risk management among others.

Speaking during the launch, Wylde International Chief Executive Joram Mwinamo, said the move was necessitated by the need in the market to help entrepreneurs scale up.

“An environment where ambitious entrepreneurs have a supporting cast of seasoned professionals. The SNDBX is a First of its kind in the world, developed over 10 years of working with entrepreneurs, …

Absa Bank Kenya has announced a Ksh10 billion fund to advance credit to women-owned small and medium enterprises over the next five years.

The kitty comes as part of the new customer value propositions under the Absa brand.

The women fund is part of the bank’s commitment towards advancing diversity and inclusion by empowering women with financial resources and capacity building to grow their businesses.

The money will be availed to women entrepreneurs through the existing banking products including unsecured and secured loans, trade finance, asset finance, property finance and working capital facilities.

“Women form over 50 per cent of the local and global population and account for a significant percentage of the SME sector. However, their participation in the national economic development is often stifled by limited access to financial resources and social-cultural restrictions. We are confident that this proposition, coupled with the additional interventions we continue to make, …