SMEs in Africa face many challenges, but this is what could help them develop and grow
www.weforum.org
Although small and medium businesses (SMEs) account for 95% of all registered businesses and contribute about 50% to the total GDP of sub-Saharan countries, entrepreneurs still face significant obstacles to growth and prosperity, which go beyond the traditional barrier of acquiring finance. Addressi
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Summary
- SMEs in Africa face numerous challenges to their growth and development.
- These challenges go beyond just acquiring finance.
- Access to finance is a major obstacle for about 40% of SMEs in developing countries.
- Financial service providers often view SMEs as too risky due to lack of collateral or cash flow data.
- Addressing the needs of SMEs and helping them reach their potential is crucial for a prosperous Africa.
Top Highlights
- Although small and medium businesses (SMEs) account for 95% of all registered businesses and contribute about 50% to the total GDP of sub-Saharan countries, entrepreneurs still face significant obstacles to growth and prosperity, which go beyond the traditional barrier of acquiring finance. Addressing their needs and ability to reach their potentia...
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