After facing unprecedented changes in the wake of the COVID-19 pandemic, Small and Medium Enterprises (SME) confidence in Sub-Saharan Africa is on the rise, according to the latest research by Mastercard. The inaugural Middle East and Africa (MEA) SME Confidence Index found 74 percent of SMEs in Sub-Saharan Africa are optimistic about the next 12 months. In fact, 68 percent of SMEs in Sub-Saharan Africa are projecting revenues that will either grow or hold steady. And 48 percent of them are projecting an increase. As many regional economies gradually enter the normalization and growth phase, and social restrictions continue to ease, small and medium-sized businesses in Sub-Saharan Africa have identified upskilling staff for the future (73 percent), access to training and development support (69 percent), and easier access to credit (69 percent), as the top three drivers for growth. Among all regions surveyed, Sub-Saharan Africa also saw the highest potential in being able to do business internationally (62 percent). This highlights the opportunities for small businesses that arise from both internal transformation and global connections, as well as industry regulations and trends.
SOURCE: VENTURES AFRICA