Micro, small, and medium sized enterprises (MSMEs) account for 90 percent of all businesses and half of the world’s jobs, according to the World Bank Group. Due to COVID-19, many of these businesses are struggling to make ends meet amid lockdowns, facing new hardships, and dealing with a lack of liquidity. There is an urgent need to reimagine how MSMEs buy, sell, and operate.
We are already seeing how businesses that can accept digital payments or respond to digital orders are proving to be more resilient. Looking ahead, MSMEs that can leverage digital tools will more easily be able to rebuild and relaunch their businesses. Going digital is not optional — it’s essential. But barriers to digitization still exist —including cost, access, and lack of familiarity. The effective digitization of MSMEs will require the collaboration of industry players to develop effective digital platforms, offer training for MSMEs to leverage these platforms, and provide financial tools and resources to help them plan for the future.
Watch this webinar for key learnings from our partners, as well as Accion’s recommendations to MSMEs during this unprecedented time.
