About nine in ten small and medium enterprises (SMEs) use M-Pesa for payments.
A survey new conducted by Amethyst Consultants on ‘SMEs perceptions of banking products and how M-Pesa is driving SME payments’ showed that 95 per cent use the mobile money service.
The survey, which was commissioned by entrepreneurs' one-stop shop SNDBX, took place between March and April 2021.
It involved 131 SMEs across 17 key sectors.
“The survey highlighted that SMEs continue to be resilient through the pandemic season and a third are looking forward to a better future in 2021,” Amethyst Founding Director Sharon Mbugua said.
The majority of SMEs prefer Facebook and Facebook business products for their simplicity, the report says.
“The government plays a leading role in stimulating growth in the SME sector through incentives that attract investment, doing business with SMEs, offering SMEs market exposure through government sponsored expos, capacity building, as well as through research and development funding to help stimulate growth and the improvement of infrastructure to promote business access,” Ministry of ICT, Innovation and Youth Affairs Chief Administrative Secretary Maureen Mbaka said.
This was released during SNDBX's Big Baraza, the first SME conference organised by SME Entrepreneurs in Kenya.
The Big Baraza which aimed at equipping and enabling SMEs to scale and go beyond borders by tapping into opportunities provided for within African Continental Free Trade Area Agreement.
The event attracted over 1,700 registrations with an average of 200 participants in each session.
It was sponsored by Facebook and Jubilee Health Insurance with over 30 exhibitors, SNDBX experts and partners such as Nation Media Group.