Small and Medium Sized Enterprises (SMEs) have often been referred to as the engine of growth for Africa. Given their small size, SMEs tend to be more agile and innovative in creating wealth, driving inclusivity, and creating employment. SMEs also engage most of the people in formal employment across the continent, providing approximately 80 percent of all formal jobs in Africa.
The African Union estimates Sub-Saharan Africa to be home to 44 million SMEs currently. It is therefore undeniable that accelerating the growth of existing SMEs as well as establishing new ones will continue to create a significant economic impact in Africa.
