Analysis: Expanding Access to Trade Finance Is Necessary for SMEs in Africa
When it comes to enhancing access to trade finance for African small and medium-sized enterprises (SMEs), current challenges call for innovative solutions.
The African continent represents a market of approximately 1.2 billion people – most of whom are under the age of 30 – and a collective GDP of $2.5trn, but currently accounts for a small portion of global trade (2%). Intra-Africa trade is also low, about 18% of the total for the continent, representing a missed opportunity for African businesses.
Photo courtesy of Christina @ wocintechchat.com.