IFC, SME Finance Forum Target Solutions to Africa’s USD 331 Billion SME Finance Gap
Sub-Saharan Africa’s small and medium enterprises have benefited enormously from the revolution in digital finance in the region, and now require more innovation and targeted approaches to reach entrepreneurs hungry for USD 331 billion in new funding across Africa. These issues are at the forefront of discussion in Nairobi at the SME Finance Forum, an initiative managed by International Finance Corporation (IFC), a member of the World Bank Group.
Microentrepreneurs and small and medium enterprises are leading employment in Sub-Saharan Africa and contribute significantly to economic growth. But, their development is constrained by limited access to finance and markets. In Sub-Saharan Africa, there are at least 44 million formal MSMEs, 51% of which require more finance than they can access to grow their businesses.