African small and medium enterprises (MSMEs) are often described as the backbone of the economy.
The continent’s 600,000 formal MSMEs and 40 million+ micro-businesses account for approximately 90% of all businesses, provide about 80% of employment, and contribute 40% to Africa’s GDP, highlighting their central role in Africa’s economy.
Despite their significance, according to the World Bank Enterprise Surveys, about 40% of MSMEs in Sub-Saharan Africa cite access to finance as a significant constraint, compared to 25% of large firms. Additionally, 41% of SMEs in least developed countries (LDCs) report financing
