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The key recommendations include ensure ongoing working capital stability for SMEs by driving solutions that ease cash flow burdens; removing barriers that hinder women-owned businesses’ ability to receive capital by making IDs more accessible, and allowing different types of collateral; make funding and resources available for B2B SMEs to build their digital capabilities by offering digitalization support for SMEs buying and selling internationally; ensure a safe and secure operating environment for SMEs, in terms of cybersecurity, trust and transparency, as SMEs become increasingly digital; build B2B SMEs’ knowledge of the financial and digital tools and resources available to them; facilitate partnerships in which private entities, non-banking financial institutions (NBFIs), development finance institutions (DFIs) and non-governmental organizations (NGOs) are incentivized appropriately to provide cash flow management support, capital or digital services to B2B SMEs.
In addition to looking for effective regulatory support from governments, 92 per cent of SMEs in MEA, said they are also looking for support in upskilling of their teams, and 88 per cent highlighted the importance of improved telco infrastructure – pointing to opportunities to effect positive change in wide-ranging areas from education and skills development to systems and infrastructural progress.
In the inaugural Mastercard MEA SME Confidence Index, government support and implementation of effective policies was highlighted as ‘important’ by 88 per cent of the region’s SMEs, 50 per cent of which rated this point as a ‘must-have’ essential.
The need for the public and private sectors to work together to create a better environment for small businesses has been outlined in a public policy paper* titled Reimagining Support for Small Businesses, released by the Mastercard Policy Center for the Digital Economy in partnership with global consulting firm Kearney.
This is why it’s so important that we prioritize public-private partnerships for SME growth, and why we’re putting our technology, expertise and global network to work, helping to develop the infrastructure to connect more people – and more small businesses.” To enable commenting and other interactive features, please switch to the more advanced.
According to the research, SMEs in the region recognised the great potential of PPP, and 63 per cent think private sector initiatives and partnerships will benefit businesses and the markets in which they operate..
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