This archive report was first published on 30 June 2021.
As Kenya gradually recovers from the economic impact of the COVID-19 pandemic, a recent survey by Mastercard has found that Small and Medium Enterprise (SME) confidence in the country is on the rise.
According to the inaugural Mastercard Middle East and Africa (MEA) SME Confidence Index, 62% of SMEs in Africa and 61% in Kenya are optimistic about the next 12 months, with many seeing positive signs of recovery.
As part of their recovery efforts, SMEs in Kenya have identified easier access to funding (73%), acceptance of digital payments, better data and insights, and digitizing business operations (72%) as the top three drivers of growth.
Mastercard has pledged $250 million to connect 50 million micro, small and medium size businesses to the digital economy by 2025, with a focus on providing digital solutions and technology to improve operational efficiency, diversify revenue, and grow businesses.
“SMEs have been among those hit hardest by the pandemic, and Mastercard is dedicated to continuing support to this sector, especially in terms of connections to the digital payments acceptance tools, insights and cybersecure tech solutions they need,” said Shehryar Ali, Country Manager, East Africa, Mastercard.
As consumer trends evolve in a post-pandemic world, businesses must adapt and prepare for the future. Recent studies from Mastercard have shown that 79% of Kenyan consumers are shopping more online than they did since the start of the pandemic and 99% of Kenyan shoppers would consider making a purchase with an emerging payment technology over the next year.
