To boost the contribution of small businesses and empower them to unlock their full potential, Mastercard pledged to bring 50 million SMMEs worldwide into the digital economy by 2025.

African Guarantee Fund (AGF) has signed a Sh725 million ($5.37 million) risk-sharing partnership agreement with the Kenya Women Microfinance Bank  (KWFT).

Through the partnership, the two entities will provide small businesses in South Africa, Nigeria, Kenya, and Egypt with an online platform, powered by SAVA’s Payment Transaction System, that includes digital bank accounts and accounting integration tools.

By addressing the need for improved access to financial services and support for MSMEs in agriculture, the project aims to contribute to the creation of jobs and the sustainable and inclusive economic development of the sector.

The partnership will enhance local Micro-, Small- and Medium-sized Enterprises’ access to much needed credit for business growth, help create jobs and address gender finance gap.

Under the partnership, Trade Lenda will offer credits to SMEs to acquire solar energy solutions offered by BaobabPlus to run their businesses.

The move is expected to boost digital payment acceptance at small and micro enterprises in Nigeria, Ghana, Kenya, Uganda, and other key markets in Sub-Saharan Africa.

The bouquet of financing will enable CRDB to significantly impact the socio-economic growth of the region by empowering small businesses, especially women, and unleashing their full potential.

The loan is expected to support at least 4,000 new SME loans in Nigeria.

Richway beat a host of other banks at the International Standards Excellence Award 2021, to take home the Award for performing exceptionally in a tumultuous year characterized by the negative impacts of COVID-19 pandemic.