By Chris Ndibe
Ecobank has decided to collaborate to spur continental initiative to support African Micro and Small-Medium Enterprises (MSMEs) as they face the economic and social challenges posed by the COVID-19 pandemic.
The Chief Executive Officer of Ecobank, Dr. Ibrahim Mayaki and Ecobank Group Chief Executive Officer Mr Ade Ayeyemi affirmed to the decision.
The move is to create a one-stop platform which will address the issues, challenges and needs of MSMEs during and post COVID-19, and be an all-encompassing, flexible and comprehensive one-size-fits-all tool for MSMEs in the formal and informal sectors across the continent.
It would also identify opportunities and innovative ways to support and protect MSMEs and job opportunities, especially in food and agribusinesses, technology startups, health specialized entities and those operating along with supply chain operations, noting that MSMEs account for an estimated 90% of businesses in most African economies.
They will coordinate and harmonize initiatives and ongoing efforts that support MSMEs to gain access to information, finance, and fiscal stimulus during the outbreak. The platform also aims to ensure that MSMEs have continuous access to national, regional and continental markets while recommending to policymakers, solutions regarding domestic debts as they are projected to face challenges due to the economic difficulties.
Speaking on the initiative, Mayaki highlighted that “the COVID-19 pandemic while affecting global economies, will have a devastating effect on African economies and businesses”.
“AUDA-NEPAD and Ecobank Group intend to jointly build a continental platform based on our initial ‘100,000 SMEs by 2020’ campaign which will provide an immediate response to the potential impact of COVID-19 on SMEs and job creation on the continent”, said Dr Mayaki. He added that AUDA-NEPAD will leverage on its existing instruments, networks, and programmes to gather stakeholders around a digital platform that showcases and monitors the progress made.
