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Small and medium enterprises are the backbone of African economies, central to employment, innovation, and economic growth. The financial industry has often considered such businesses too risky and too costly to serve, leaving a huge market opportunity unexplored. In recent years however, the adoption of digital channels, enhanced data analytics, and innovative business models have allowed forward-looking financial services providers to take their SME banking to the next level. Partnerships between new and old players have proved essential to bringing such innovation to fruition, in some ways upending the established financial industry playing field. This Strategic Roundtable session will explore what makes for successful SME finance partnerships in the digital age, drawing on the varied perspectives of commercial banks, fintechs, telcos, and regulators.
Key points:
- What are the key make-it-or-break-it points of partnerships between financial industry actors in delivering digitalized SME finance solutions?
- What steps can African financial industry actors take to ensure that digital finance solutions for SMEs are scalable across diverse African markets?
- How can policymakers ensure that underserved SMEs, particularly in rural areas, benefit from digital finance solutions?