Digital economies of the future need next-generation payments infrastructure
SMEs’ growth has been stifled by the absence of well-suited financial services and products tailored to their specific needs
The emergence of ever more innovative and entrepreneurial thinking has kept us hopeful in recent months as we navigate unprecedented economic challenges. Despite the turbulent economy, home-based businesses such as bakeries, hairdressers and grocery delivery start-ups have taken off, allowing entrepreneurs and small business owners to survive and even thrive under the limiting circumstances.
This is great news for a country such as SA. Our small and medium-sized businesses (SMEs) are the lifeblood of our economy. There is much supporting evidence for this. Our research shows SA’s informal economy, comprising spaza shops, house shops, shebeens, hair salons and takeaways, among many others, contributes 20%-30% of GDP...
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