This comes as the country makes it easier for businesses to access funding
Mastercard report has found that 61% of small enterprises in Kenya are optimistic of a full recovery. Similarly, 62% of enterprises in Africa are optimistic of significant growth in the next 12 months.
Meanwhile, 73% of small and medium-sized enterprises now have easy access to recovery funding. 72% of enterprises have taken advantage of better data & insights, digital remittances and operations to drive more growth.
With 98% of businesses in Kenya being SMEs, stakeholders including banking institutions and the government are focused on the creation of extra opportunities for the enterprises.
The economy will experience an extra boost with Mastercard pledging an injection of $250 million in the economy. By 2025, the company will use its network, resources, technology and expertise to connect over 50 million SMEs to the digital economy. This will build an inclusive and sustainable business.
49% of businesses in the country experience challenges when it comes to growing and maintaining their businesses. 73% have challenges with the increasing cost of business operations while 44% cannot access capital. 40% of government-led initiatives and 61% of private-sector partnerships have the best potential to impact SMEs. To diversify successfully, improve the operations and grow their businesses, SMEs need easy access to funding.
79% of Kenyans shop online more than in the pre-pandemic period. This means that 99% of online shoppers would remit payments with new payment technology. The e-commerce trend observed in Kenya as a result of the pandemic is likely to be a permanent trend.
We’ve reported that Decathlon UK introduced its own marketplace.