SME respondents stated that their concerns for the next 12 months are the rising cost of doing business (50%)
As pandemic life stabilizes, Egyptian small and medium enterprises (SMEs) have begun to relay their optimism for their upcoming business futures, according to a new study by MasterCard.
According to the company’s new Middle East and Africa (MEA) SME Confidence Index, 73% of Egyptian SMEs were optimistic for the next 12 months, with 85% estimating revenues to climb or stabilize, with 68% see increased revenues in the future.
The top 3 drivers of growth, as seen by the SMEs were access to training and development support (47%), better data and insights (45%) and accepting digital payments.
This highlights the opportunities for small businesses that arise from both internal transformation as well as industry regulations and trends, wrote MasterCard.
“The main challenge facing businesses today are focused around achieving growth and financial stability in the face of rising costs of operations and capital. Technology however has proven to be a powerful solution to these concerns…,” said Mohamed Assem, Country Manager - Egypt, MasterCard.
The company currently works with the government, financial organizations and the wider business community to create opportunities for Egypt’s 1.7 million small businesses.
SME respondents stated that their concerns for the next 12 months are the rising cost of doing business (50%), and access to capital (46%). With Egyptian SMEs in particular, 43% mentioned the challenge to maintain and grow their business was their top issue.
Egyptian SMEs see Private sector partnerships (57%) and government-led initiatives (52%) as having potential to positively impact SMEs and the wider Egypt market.
