The Best Fintech Companies Revolutionizing Microfinance and SMEs in Egypt and the Promising Future of the SMEs Market in Africa
The transformation of the SMEs market in Egypt, spearheaded by top fintech companies, is part of a larger wave sweeping across Africa. Here’s a closer look at the promising future of the SMEs market in the region, supported by recent studies.
Promising Future of SMEs in Africa and Egypt
Small and Medium-sized Enterprises (SMEs) play a crucial role in driving economic growth and employment in Africa. According to a 2020 study by the International Trade Center, SMEs represent about 90% of all businesses in Africa and contribute up to 60% of all employment.
A 2021 World Bank report suggests that Egypt’s SMEs sector, buoyed by the fintech revolution, has shown resilience amid economic volatility. It highlights the Egyptian government’s commitment to modernize the economy and create a conducive environment for SMEs and startups, offering a bright outlook for the sector.
In the future, digitization is expected to further reshape the SMEs landscape in Egypt and across Africa. The African Development Bank, in its report “African Economic Outlook 2020,” emphasizes that digital technologies present an excellent opportunity for African SMEs to improve their business processes, reach new markets, and create jobs.
These fintech companies, through their innovative approach to microfinance and extended services to cover the SME as well, are leading the charge in realizing this potential:
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1. Tanmeyah
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2. Waseela
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3. Bedayti
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4. Shari for Microfinance
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5. Erada Microfinance
These trailblazers are not only revolutionizing the microfinance and SMEs sector in Egypt but also laying the groundwork for a digitally empowered SMEs landscape across Africa.
With increasing digital literacy, internet penetration, and mobile money usage, coupled with supportive government policies, the future of the SMEs market in Africa and Egypt looks promising. The current fintech revolution, driven by these leading companies, is playing a pivotal role in shaping this future, marking a new era of financial inclusion and economic growth.
