SMMEs are the way forward and need all the help they can get
Banks should design innovative financing solutions for SMMEs and offer small suppliers in the bank’s supply chain cash flow finance
When a number of supply chain reports were released before Covid-19, business leaders listed risks such as data breaches, cybercrime, IT downtime, and extreme weather conditions as their main concerns. Of course, a global pandemic did not feature on anyone’s radar.
According to the World Bank, formal small, medium and micro-enterprises (SMMEs) make up 40% of GDP in emerging economies, and this number is significantly higher when informal SMMEs are factored in. Arguably, the key to a prosperous and sustainable future — with enhanced job creation — will be the SMME sector, particularly in Africa, and the role of major corporates in helping to guide, support and shape this vital segment...
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