At the European Bank for Reconstruction and Development (EBRD), we believe that complex inequalities need wide-ranging responses. This is why in 2014, the EBRD launched an ambitious new approach to support the financial and economic inclusion of women.
CreditEase - an SME Finance Forum member - founder and CEO Ning Tang recently shared with Mckinsey his perspective on how fintech players, from both within and outside China, can capture the opportunity among small and midsize Chinese businesses and how artificial intelligence (AI) can help. The following commentary is adapted from that conversation.
In a bid to accelerate women’s financial inclusion in MENA, the region with the lowest female economic participation in the world, the DFID-funded Arab Women’s Enterprise Fund (AWEF) led a study to understand the scope for Digital Financial Services (DFS) in Egypt, map key constraints to women’s financial inclusion and identify opportunities to transform the livelihoods of low-income Egyptian women through improved access to finance.
The report is a benchmarking index that assesses the enabling environment for financial access in 55 countries. The research underscores the evolving landscape of financial inclusion itself. This year’s index was completely revised to take a forward-looking focus on digital financial services, and to address the critical role of financial inclusion envisioned in the Sustainable Development Goals (SDGs).
Washington, D.C. December 18, 2018 – Federación de Cajas de Crédito y de Bancos de Los Trabajadores (Fedecrédito) became the newest member of the SME Finance Forum, a global membership network that brings together financial institutions, technology companies, and development finance institutions to share knowledge, spur innovation, and promote the growth of SMEs.
ADFIMI International Development Forum was held in Istanbul, Turkey, on September 11-12, with the theme “SME Finance & Development in the Age of Digitalization."
In the context of the international development agenda, promoting SME development globally considered an important priority. However, access to finance remains a key constraint to SME development. The phenomenon of digitalization has recently opened new venues and opportunities to SMEs and SME finance institutions. The forum attempted to examine the impact of digitalisation on SME development and finance.
Mobile phones are helping millions of low-income customers to access financial services for the first time, but they are also exposing them to new cyber threats they could never have imagined. The Serianu 2017 Africa Cyber Security Report estimates that cybercrime in mobile-based transactions costs businesses $140 million per year in Africa. Why is this becoming more common? And what can providers and policy makers do to prevent it? The author offers some simple measures that providers and policy makers can adopt to protect other mobile financial services users from cyberattacks.
Tips and tools are revealed on how SMEs should approach seeking finance along with strategies to improve their success with gaining finance.
Utilizing online resources and guides can help SMEs learn more about alternative finance options.
“Industry associations such as the Federation of Small Businesses and Enterprise Nation, as well as local growth hubs or chambers of commerce, could also be a great first point of contact for businesses keen to find out more about the options,” said Juliette Peyraud, Senior Account Manager at Spotcap UK.
The London Stock Exchange released a report detailing the issues faced by SMEs and opportunities with financing in Africa.
SMEs account for about 90 percent of Africa’s businesses and the driving force of the continent’s economic development, yet they are still facing financial barriers.
Key challenges SMEs are facing include:
The United Nations Secretary-General’s Special Advocate (UNSGSA) annual report was released and focuses on financial inclusion, technology, innovation and progress.
The report covers the advancements with mobile money and technology, in addition to covering the challenges associated with data privacy.
Nations Secretary-General’s Special Advocate for Inclusive Finance for Development, Queen Máxima of the Netherlands emphasizes the importance of customer-centricity, centrality of data and engaging the private sector.
