Efforts to pool African resources, capabilities, financing, market access and technology, to help achieve a continental response to MSMEs has been launched with the collaboration of AUDA-NEPAD (the African Union Development Agency) and Ecobank Group as both agreed to commit resources to Africa’s Micro Small and Medium Enterprises (MSMEs). The second virtual workshop facilitated by McKinsey over the weekend provided an opportunity to reaffirm the importance of sustaining market access and strengthening capabilities for MSMEs. During the session, high level representatives from the African Union Commission, regional development banks, development financial institutions, international organisations and commercial banks from the continent, agreed to put in place the AUDA-NEPAD “100,000 MSMEs by 2021” programme.
Because MSMEs require collective resources to secure and create new jobs on the African continent, the need for collaboration becomes necessary, and as such, the AUDA-NEPAD MSME programme will have five pillars mainly, AUDA MSME Academy, MSME Financing Support Programme, MSME Marketplace, MSME Micro-health insurance Scheme and MSME digital platform.
Read also:https://afrikanheroes.com/2020/06/11/youth-unemployment-costs-africa-79-billion-loss-annually/
These five pillars are designed to ensure that MSMEs across the continent are supported to become more resilient, improve their market access and take advantage of technology to tap into the African market of 1.3 billion consumers and leverage the Africa Continental Free Trade Agreement.
AUDA-NEPAD Chief Executive Officer Dr Ibrahim Assane Mayaki commended the contribution of all the Financial Institutions, Development Partners and other Stakeholders who participated in designing the “100,000 MSMEs by 2021” programme. He emphasized the need for all actors to work together and support the private sector in Africa, in order to protect employment and to create the 440 million jobs the continent will need by 2030.
Ade Ayeyemi, Ecobank Group CEO reiterated Ecobank’s commitment to the initiative and specifically confirmed its support in building the digital platform, developing content for the MSME Academy and participating in lending to African MSMEs.Governments have committed to support MSMEs at the national level. The AUDA-NEPAD programme will pool African resources, capabilities, financing, market access and technology, to help achieve a continental response to MSME’s.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry