MFS Africa, a pan-African fintech, and the International Trade Center (ITC), a joint World Trade Organization and United Nations institution, have struck an agreement to advance the digitalization of African markets.
According to a press release issued by the UN agency, the two organisations will provide assistance to small and medium-sized enterprises (SMEs) in ten African markets (Benin, Côte d’Ivoire, Ethiopia, Ghana, Mali, Rwanda, Senegal, Uganda, Tanzania, and Zambia) through product integration, fintech and digital payments capacity building, investment exposure, and B2B meetings.
“Through this collaboration, the centre will reaffirm its commitment to assisting small businesses in gaining access to finance and technology, as well as collaboratively achieving SDG 8. (decent work and economic growth). This collaboration is the next stage in ICT’s goal of collaborating with the private sector to scale solutions that help small firms “said Robert Skidmore, the Center for International Trade’s Head of Sector and Business Competitiveness.
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According to the LSEG Africa Advisory Group’s 2018 report, “The difficulties and prospects of SME finance in Africa,” SMEs play a critical role in job creation and economic growth. They account for around 90% of enterprises in Africa, provide 60% to 80% of jobs, and contribute 40% of GDP. In comparison, SMEs account for 53% and 65% of enterprises in the United States and Europe, respectively.
ITC and MFS Africa will work together to place small companies at the centre of financial inclusion and digitization. The collaboration is a crucial step in advancing the United Nations 2030 Agenda for Sustainable Development. It will “create a new age where small enterprises are at the centre of economic growth for the benefit of millions of African residents,” according to Ali Ouedraogo, head of expansion at MFS Africa.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh