Digital payments ignite a new era of hope for SMEs in Kenya

SMEs are recognizing the practical benefits of digitization in day-to-day operations.

It's no secret that the pandemic was especially tough on small and medium enterprises (SMEs), in particular the many small cash-based businesses that operate in the informal sector. These businesses are the lifeblood of economies, and the fact that they couldn't generate incomes or apply for micro-loans to stay afloat had a knock-on effect on everything from employment to general community wellbeing.

In Kenya, SMEs account for 80 per cent of jobs. In 2021 alone, an estimated 22 million jobs in Africa were lost, and with each loss of a stable income, it means more people are pushed into extreme poverty. It's a devastating cycle that can only be broken with multiple actions - technology and partnerships chief among them - as this challenge cannot be tackled alone.