A new survey in Kenya has revealed that about nine in ten small and medium enterprises (SMEs) use mobile money platform M-Pesa for payments.
The survey which was commissioned by one-stop shop SNDBX and conducted by Amethyst Consultants between March and April 2021 involved 131 SMEs across 17 key sectors.
Focusing on ‘SMEs perceptions of banking products and how M-Pesa is driving SME payments, the survey showed that 95% use the mobile money service.
Amethyst Founding Director Sharon Mbugua said, “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.”
The survey also noted that the majority of SMEs prefer Facebook and Facebook business products for their simplicity.
At a recent conference organised by SME Entrepreneurs in Kenya, the Ministry of ICT, Innovation and Youth Affairs Chief Administrative Secretary Maureen Mbaka said, “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.
The conference, ‘Big Baraza’, was 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.