This archive report was first published on 30 August 2021.
Published on August 30, 2021, a survey by Mastercard Middle East and Africa (MEA) revealed that 74 percent of SMEs in the region are optimistic about growth in the next year.
Conducted among 300 respondents per country in Kenya, Nigeria, Ivory Coast, and South Africa, and 100 respondents per country in Egypt, United Arab Emirates (UAE), and the Kingdom of Saudi Arabia (KSA), the study found that SMEs in the construction and manufacturing fields had the best forecasts.
According to the SME Confidence Index, 76 percent of SMEs in these fields projected their revenues would either grow or hold steady, while 50 percent projected an increase.
The top drivers of growth identified by the businesses under study were upskilling staff and easier access to credit, each cited by 56 percent of respondents.
However, 54 percent of regional SMEs highlighted that maintaining and growing their business remained a major concern, with 60 percent citing the rising cost of doing business and 47 percent citing access to capital as key challenges.
