COVID-19 AND WOMEN-LED MSMEs IN SUB-SAHARAN AFRICA: Examining the Impact, Responses, and Solutions
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COVID-19 AND WOMEN-LED MSMEs IN SUB-SAHARAN AFRICA: Examining the Impact, Responses, and Solutions March 2021 IN PARTNERSHIP WITH
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accepts no responsibility or liability for any omissions or March 2021
CONTENTS
4 | LIST OF FIGURES
5 | LIST OF TABLES
5 | ACRONYMS
6 | FOREWORD
8 | ACKNOWLEDGMENTS
10 | EXECUTIVE SUMMARY
14 | RESEARCH APPROACH
16 | KEY FINDINGS
1. Overview of the impact of COVID-19 on women-owned/led MSMEs 16
2. Support provided to and received by W-MSMEs during the pandemic 24
3. W-MSMEs’ plans for recovery and the support they seek 28
4. Financial institutions’ understanding and perceptions of W-MSMEs 32
5. Recommendations for financial institutions and development partners to support
W-MSME recovery 36
36 | ANNEX
Impact on financial institutions and supporting organizations and their responses 40
- Impacts on FIs 40
- Impacts on supporting organizations 42
- Responses from FIs and supporting organizations 42
Scope and methodology details 44
47 | COUNTRY SNAPSHOTS
Impact of COVID-19 on Women-owned/led MSMEs 47
3
LIST OF FIGURES
Figure 1 Impact on MSMEs 16
Figure 2 Impact on MSMEs, by country 16
Figure 3 Impact on MSMEs, by gender 18
Figure 4 Impact on MSMEs by sectors, and presence of MSMEs by gender in the dataset 19
Figure 5 Impact of COVID-19 on the health sector 20
Figure 6 Impact on revenue and cost by size of enterprise 21
Figure 7 Overall impact by size of business, and distribution of size by gender 21
Figure 8 Percentage of MSMEs that faced increases in operational costs due to COVID-19 22
Figure 9 Increase in demand from household commitments and their business impact 23
Figure 10 Support received by MSMEs from FIs 26
Figure 11 Diverted personal savings to business 27
Figure 12 Actions taken to manage operational costs 27
Figure 13 MSMEs’ business outlook 28
Figure 14 Financing support required 28
Figure 15 Preferred non-financial support 28
Figure 16 Preferred training support 30
Figure 17 Outlook by sector and gender 31
Figure 18 Preferred financial service providers 32
Figure 19 Preferred channels for additional funding 34
Figure 20 Financial impacts faced by FIs during the pandemic 41
Figure 21 Operational impacts faced by FIs during the pandemic 41
Figure 22 Geographic scope for data collection 44
Figure 23 MSME definition using country-level and IFC definitions, based on number of employees 45
Figure 24 MSME definition using country-level and IFC definitions, based on annual sales (‘00 USD$) 45
Figure 25 Survey sample split 46
Figure 26 Industry sample in the survey* 46
4
LIST OF TABLES
Table 1 The impact of COVID-19 on the 13 countries 17
Table 2 Drivers of decline in revenues by sector and gender of MSME owner/leader 19
Table 3 Supply chain disruptions due to COVID-19 by sector and gender of MSME owner/leader 23
Table 4 Support received by MSMEs from respective governments 27
Table 5 Impact on FI types 40
Table 6 Various financial responses by FIs 42
Table 7 Various forms of non-financial responses provided by FIs 43
Table 8 MSME sample split 44
Table 9 MSME definitions across 13 countries 44
Table 10 FI sample split 46
Table 11 Supporting organizations sample split 46
ACRONYMS
B2W Bank to Wallet M-MSME Men-owned/led Micro, Small,
COVID-19 Coronavirus Disease 2019 and Medium Enterprise
CSR Corporate Social Responsibility NPL Non-performing loan
DAI Digital Adoption Index W-MSME Women-owned/led Micro, Small, and
DFI Development Finance Institution Medium Enterprise
FI Financial Institution NBFI Non-bank financial institution
FSP Financial Service Provider NIBSS Nigeria Inter-Bank Settlement System Plc
GDP Gross Domestic Product PAR Portfolio at risk
ICT Information and Communications PPE Personal Protective Equipment
Technology SACCO Savings and Credit Co-operative
IFC International Finance Corporation SME Small and Medium Enterprise
IT Information Technology SSA Sub-Saharan Africa
IMF International Monetary Fund UAF Urgent Action Fund
KPI Key Performance Indicator USD United States Dollar
KWFT Kenya Women Microfinance Bank VSE Very Small Enterprise
MFI Microfinance Institution W2B Wallet to Bank
MSME Micro Small and Medium Enterprises ZAR South African Rand
Note: All currency figures are in U.S. dollars unless otherwise indicated.
5
FOREWORD
In emerging economies, small businesses—especially Bearing in mind that formal small businesses in emerging
those owned or led by women—are critical to growth, markets contribute up to 40 percent of national income,
employment, and development. In Sub-Saharan Africa, and that most formal jobs are generated by small
small and medium enterprises account for up to businesses, it remains critical for both private and public
90 percent of all businesses. These businesses face financial sector partners to make greater efforts than ever to
and operational difficulties in good economic times, and support these enterprises.
the COVID-19 crisis has only amplified the challenges they
IFC is a member of the World Bank Group and shares its
must contend with on a daily basis. For example, access
mission to end extreme global poverty and boost shared
to finance, the lifeblood of any growing enterprise, was a
prosperity. Through its Financial Institutions Group,
serious challenge for many of these businesses before the
IFC works with about 800 financial institutions with
global crisis. Today, new pandemic-related restrictions on
products that include investment and advisory support
financing pose even greater hurdles to the operations and
for microfinance, insurance, loans to small and medium
financial sustainability of small businesses, and in many
enterprises and women-owned businesses, and low- and
cases are a threat to their very existence.
medium-income mortgages. As part of the World Bank
The pandemic also has the potential to widen existing Group COVID-19 response, IFC has provided $8 billion in
gender inequalities in economic opportunities across fast-track financing to existing clients and has offered a
Africa, especially among small businesses. The constraints number of advisory service interventions to improve the
and barriers that women entrepreneurs face, including financial sector’s capacity to serve small enterprises in
but not limited to access to finance, are being exacerbated emerging and developing economies.
by the COVID-19 crisis. Never before has support for small
and micro enterprises—and in particular those owned To ensure that IFC’s support reached women-owned and
or led by women—been more relevant than during this women-led businesses, especially in low-income countries,
pandemic. IFC deployed blended finance alongside its Working
Capital Solutions COVID-19 Facility. The blended finance
Our study, Impact of COVID-19 and Women-led MSMEs is deployed to share risk on working capital financing
in Sub-Saharan Africa, focuses on understanding how in low-income IDA countries and incentivize financial
the COVID-19 pandemic has affected micro, small, and institutions to devote part of the proceeds to provide
medium enterprises, especially those led by women, working capital loans to women entrepreneurs.
through a survey of 13 African countries. We found that
over a quarter of all of these businesses were unable to Under its Banking on Women business, IFC has invested,
continue operating during the crisis, over half needed to mobilized investment, and provided advisory expertise
adapt their business models to continue operations, and to 104 financial institutions in 56 countries since 2012.
almost 90 percent faced revenue losses. Small businesses As of the end of 2020, Banking on Women had a cumulative
across all of the countries surveyed encountered similar committed investment portfolio of $2.8 billion,
economic consequences from the global crisis. 100 percent of which is dedicated to financing women
and women-led small businesses.
When gender is overlaid on the data collected, we see
that women-led small businesses have experienced The study detailed in this report seeks to appraise the
worse impacts than those led by men, largely due to their interventions that have been implemented by both the
smaller size and higher concentration in heavily affected public and private sectors in Sub-Saharan Africa, and
sectors. In particular, these women-led enterprises faced offers financial and non-financial solutions for financial
increased difficulties in securing new orders and inputs, institutions and development partners to consider, with
and this was even more prevalent in the trade, hospitality, the hope of further strengthening outcomes for micro and
information technology, and construction sectors. small enterprises, especially those led by women.
Manuel Reyes-Retana
Regional Industry Director, Middle East and Africa
IFC
6
7
ACKNOWLEDGMENTS
The authors of this report would like to thank the development challenges. Dalberg combines rigorous
individuals and organizations that have shared their analytical capabilities with deep knowledge and networks
time, experience, and knowledge with us. It would not across emerging and frontier markets. Dalberg’s clients
have been possible without the generous contributions span the public, private, and philanthropic sectors.
of those who participated in interviews and shared their They work collaboratively to address pressing global
expertise and feedback. problems and generate positive social impact from
programs, investments, and initiatives. For more
This report was a collaborative effort between IFC and information visit www.dalberg.com.
Dalberg. The IFC team consisted of Colin Daley, Anushe
This report has been supported by the UK Foreign,
A, Khan, Janet Opolot, Sinja Buri, and Namhla Ruselo.
Commonwealth & Development Office (FCDO) through
The Dalberg team consisted of Naoko Koyama, Alexandra
the Global SME Finance Facility. Catalyzing access to
Stanek, Jasper Gosselt, Mudit Sharma, Teresa Dacha, Edel
finance for SMEs, the Global SME Finance Facility, a
Were, Madhuri Mukherjee, Phoebe Kiburi, Faith Barorot,
blended-finance partnership funded by FCDO and
and Kenneth Kiunga.
the Netherlands Ministry of Foreign Affairs, is focused
Dalberg is a global group of businesses working to build on helping to close the financing gap faced by SMEs
a more inclusive and sustainable world where all people in emerging markets. For more information visit
everywhere can reach their fullest potential. Dalberg www.ifc.org/wps/wcm/connect/topics_ext_content/
was established in 2001 with the mission of bringing ifc_external_corporate_site/bf/focus-areas/bf-sme/bf-
the best of private sector strategy to address global gsmef.
8
9
EXECUTIVE SUMMARY
W-MSMEs also faced greater difficulty securing new
I. The vast majority of micro, small, and medium orders and inputs. The challenges in securing new orders
were particularly prevalent in the trade, hospitality, ICT,
enterprises (MSMEs) across Sub-Saharan Africa
and construction sectors. W-MSMEs also struggled more,
(SSA) are suffering harsh economic impacts due
on average, than M-MSMEs to source and manage the
to the COVID-19 pandemic. Women-owned/led costs of raw materials. Input cost increases exposed
MSMEs (W-MSMEs) have been especially hard particularly pronounced gender gaps in sectors where
hit due to their smaller size and concentration in suppliers were more likely to have stronger bargaining
heavily affected sectors. power, such as health, trade, and manufacturing.3 It is
possible that men’s broader business networks enabled
them to shift their supplier bases more rapidly than
Across Sub-Saharan Africa, MSMEs1 face severe women could, thus comparably reducing the impacts
business impacts due to the pandemic and the they felt.
corresponding public health interventions. Over a
quarter of all MSMEs were unable to continue operating
during the pandemic. Over half needed to adapt their II. W-MSMEs entered the pandemic with lower
business models to continue operations, and almost rates of financial inclusion than M-MSMEs. The
90 percent faced revenue losses, with 40 percent suffering pandemic exacerbated these trends. Among the
revenue losses greater than 50 percent. In line with the very small share of W-MSMEs and M-MSMEs
global nature of this crisis, MSMEs encountered these that accessed financial support during the crisis,
economic impacts across all surveyed countries. fewer were W-MSMEs.
On average, W-MSMEs have experienced worse
impacts than men-owned/led MSMEs (M-MSMEs),
As the pandemic forced financial institutions into
largely due to their smaller size and higher
more risk-averse lending positions, few MSMEs could
concentration in heavily affected sectors. This study
meet the new eligibility requirements for support.
surveyed 2,207 MSMEs, 34 financial institutions (FIs), and
W-MSMEs, and smaller businesses more broadly, entered
13 supporting organizations across 13 countries in Sub-
the pandemic with lower financial inclusion rates, including
Saharan Africa between September and October 2020. This
lower uptake of insurance.4 Even though many FIs offered
research aimed to understand how COVID-19 has affected
support during the pandemic, such as debt restructuring,
W-MSMEs compared to M-MSMEs. Overall, a similar almost 90 percent of MSMEs reported that they had not
proportion of W-MSMEs and M-MSMEs reported that they yet received such assistance. FIs themselves suffered
could not continue operations, but more W-MSMEs lost falling revenues and greater burdens from non-performing
more than 50 percent of their revenue and faced pandemic- loans (NPLs). To curb risk, most instituted more cautious
related cost increases.2 Across all MSMEs, the hardest-hit approaches to lending. This reduced access to credit for
sectors were hospitality, trade, education, manufacturing, new customers and limited most debt restructuring to
and construction. W-MSMEs exhibit greater prevalence collateralized loans.5 On aggregate, only a small share
in three of these five sectors (trade, hospitality, and (~13 percent) of both M-MSMEs and W-MSMEs in the
manufacturing). In addition, W-MSMEs tend to be smaller. survey accessed pandemic-related financial support,6 and
Such businesses, on average, showed greater revenue loss gender gaps in access to support existed in sectors such as
and lower ability to capture uptick opportunities. construction, hospitality, and health.7
1
The enterprises in this report are split into four categories: micro, very small, small, and medium. The acronym MSME represents all of these.
2
About 42 percent of W-MSMEs lost more than 50 percent of revenue, compared to 37 percent of M-MSMEs. About 79 percent of W-MSMEs faced increased operating costs, compared
to 76 percent of M-MSMEs.
3
In contrast, W-MSMEs did not face much greater challenges in sourcing than M-MSMEs in sectors such as agriculture and hospitality.
4
29 percent of all W-MSMEs surveyed had business insurance compared to 36 percent of M-MSMEs.
5
MSMEs that received loan restructuring or new working capital were most concentrated in the manufacturing and construction sectors.
6
Figure 10 provides additional details.
7
Gender gaps in receiving some financial support were 14 percent vs 20 percent in construction, 12 percent vs 18 percent in hospitality, and 0 percent vs 14 percent in health for
M-MSMEs vs W-MSMEs, respectively.
10Business Impact Need for Financial Services at Post
Pandemic Recovery stage
Over 25% of all MSMEs surveyed were
25% unable to continue operating during Close to 90 percent of MSMEs expressed
the pandemic. a need for support over the next six
to 18 months as they prepare for a
Over half needed to adapt their business
post-pandemic recovery.
models to continue operations, and
90% almost 90 percent faced revenue losses, Lacking other forms of financial access,
with 40 percent suffering revenue losses MSMEs commonly dipped into personal
greater than 50 percent. cash reserves, sought support from
Overall, a similar proportion of friends and family, or adjusted business
W-MSMEs and M-MSMEs reported that operations in response to the pandemic.
they could not continue operations, Business development support,
50% but a larger proportion of W-MSMEs including for customer base expansion
lost more than 50 percent of their and new product development, is a top
revenue and faced pandemic related future investment priority for MSMEs
cost increases. of all sizes. Interestingly, W-MSMEs
W-MSMEs also faced greater difficulty are willing to make this investment at
securing new orders and inputs, an even greater rate than M-MSMEs.
which was particularly prevalent in the
trade, hospitality, ICT, and construction
sectors.
Gender Dis-aggregated Data Collection
Currently, about 60 percent of FIs
interviewed collect gender-disaggregated
Access to Financial Services 60% data, but only around 10 percent use the
data to provide differentiate products.
Even though many FIs offered support
during the pandemic, such as debt Many interviewed FIs suggested that
90% restructuring, almost 90 percent of W-MSMEs prefer to access loans from
MSMEs reported that they had not yet informal sources than M-MSMEs.
received such assistance. However, the survey shows that an
equal share of surveyed W-MSMEs
On aggregate, only a small share and M-MSMEs (52 percent) listed
(~13 percent) of both M-MSMEs and formal FIs as their preferred source
W-MSMEs in the survey accessed for loans.
pandemic-related financial support
and gender gaps in access to support
existed in sectors such as construction,
hospitality, and health.
Digital Tools and Services
W-MSMEs are just as interested in
digital tools and digital training as
M-MSMEs.
To adapt, many firms accelerated
digitization efforts during the pandemic.
Approximately 25% of MSMEs
25% expanded their use of digital tools
during the pandemic.
11Despite a range of programs introduced by development support, including for customer base
governments and development partners, there were expansion and new product development, is a top future
substantial gaps between the support available investment priority for MSMEs of all sizes. Interestingly,
and the needs and program awareness of MSMEs. W-MSMEs are willing to make this investment at an even
Most MSMEs (52 percent) did not seek assistance, and a greater rate than M-MSMEs. It is important to note that
considerable portion (38 percent) did not know assistance training needs vary not by gender but by business size.
was available. Government programs reached only about For example, financial management training is in greater
one-fourth of the surveyed MSMEs, primarily in the form demand among micro and very small businesses, while
of information provision related to the pandemic. A small small and medium businesses are more likely to seek help
share of W-MSMEs and M-MSMEs received fiscal support, to overcome challenging scenarios, and larger business
such as disaster relief (4 percent) and tax subsidies express a slightly higher appetite for training in digital
(7 percent), but these were mainly located in South marketing, e-commerce, and online financial services.
Africa and Rwanda.8 Some industry associations also Businesses of all sizes showed similarly strong desires for
provided access to information and markets, but their marketing and market access training.
efforts reached less than 10 percent of W-MSMEs and
M-MSMEs.9
Lacking other forms of financial access, MSMEs
IV. Today, few FIs offer products or support services
commonly dipped into personal cash reserves, sought
designed to fully include women entrepreneurs,
support from friends and family, or adjusted business
operations in response to the pandemic. As operational
and only a minority of financial institutions
costs rose, W-MSMEs across all business sizes were more collect gender-disaggregated data to inform
likely to increase selling prices and cut non-essential costs business decisions. Prevailing assumptions about
than M-MSMEs. However, W-MSMEs, on average, cut the needs of W-MSMEs—especially that they are
permanent staff costs less often than M-MSMEs. less interested in accessing digital products and
services—are misguided.
III. Despite challenges posed by the pandemic, both
Currently, about 60 percent of FIs interviewed
W-MSMEs and M-MSMEs still plan to maintain
collect gender-disaggregated data, but only around
or expand their businesses. In line with this goal,
10 percent use the data to provide differentiated
close to 90 percent of MSMEs expressed the need
products. This lack of data may explain common
for support, particularly for growth capital and misconceptions about W-MSMEs’ needs and
expansion assistance, during the recovery. preferences. Many interviewed FIs suggested that
W-MSMEs prefer to access loans from informal sources
and are less interested in shifting to digital products and
Both W-MSMEs and M-MSMEs are seeking long- services than M-MSMEs. Contrary to these perceptions,
term finance to support growth in the next six to an equal share of surveyed W-MSMEs and M-MSMEs
18 months. Respondents most often reported long- (52 percent) listed formal FIs as their preferred source
term finance (62 percent) as their biggest financial for loans, and W-MSMEs and M-MSMEs appear to have
need, followed by loan restructuring (43 percent), and similar training needs, when controlling for business
working capital loans (34 percent).10 Around 80 percent size. The survey also showed that W-MSMEs are just as
of both W-MSMEs and M-MSMEs expressed a need for
interested in digital tools and digital training as M-MSMEs.
investment and/or capital injection. Close to 90 percent of
Furthermore, roughly the same proportion of W-MSMEs
MSMEs expressed a need for support over the next six to
and M-MSMEs use online tools for their businesses,
18 months as they prepare for a post-pandemic recovery.
including online marketing, online payment systems,
The majority prefer to access such loans and services
digital products, and e-commerce. In fact, a slightly
through formal financial institutions.
greater share of W-MSMEs (25 percent) than M-MSMEs
In addition to finance, MSMEs expressed a desire (23 percent) reported having used additional digital tools
for business development support and training in during the pandemic. The failure of FI programs to reach
financial management and digital tools. Business W-MSMEs therefore does not likely stem from a lack
8
In South Africa and Rwanda, 24 percent and 22 percent of MSMEs, respectively, reported receiving fiscal support from a government program.
9
The reach of industry association support did not differ materially between W-MSME and M-MSME members. But lower W-MSME participation in associations might have excluded
them more from information or opportunities.
10
Percentages of respondents who indicated they needed support.
12of interest or willingness on the part of the W-MSMEs. Several development partners and DFIs have also
Increased use and collection of gender-disaggregated strongly encouraged gender-focused economic
data could help shed a light on the true challeges and recovery packages. As a part of its Banking on Women
barriers that W-MSMEs face in accessing both financial response to the COVID-19 pandemic, IFC has offered
and non-financial support. up to $2.4 million as incentives to financial institutions
that agree to earmark a portion of loan proceeds
The pandemic has accelerated digital penetration
from the Working Capital Solutions Facility to lend to
and highlighted the increasing demand for digital
women customers and women-led businesses, an effort
finance products. Such products represent a strong
supported by the Women Entrepreneurs Opportunity
area of potential support for W-MSMEs. The ICT
Facility, the Women Entrepreneurs Finance Initiative, and
sector is one of the few that saw business improve
during the pandemic. Among FIs, FinTech and mobile the Global SME Finance Facility.13 FinDev Canada, the
money companies saw their businesses grow while more Agence Française de Développment (AFD), and Proparco
traditional institutions such as banks, savings, and credit have announced a capacity-building initiative for women
cooperatives (SACCOs) and microfinance institutions entrepreneurs to develop effective business strategies and
(MFIs) experienced downturns. To adapt, many firms investment readiness.14
accelerated digitization efforts during the pandemic. To address financial needs, development partners
This aligned well with MSMEs’ increasing use of digital can work with traditional FIs to strengthen credit
tools and finance. Approximately a quarter of MSMEs and other financial service offerings to W-MSMEs.
expanded their use of digital tools during the pandemic. They can also partner with alternative players poised to
Digital financial services for MSMEs have grown reach W-MSMEs immediately, such as FinTechs and non-
significantly in recent years, and experiences during the bank financial institutions (NBFIs). The support to FI efforts
pandemic confirm their strong, ongoing potential. to collect and use gender-disaggregated data can go a
long way toward alerting the industry to the importance
of its W-MSME customer segment. MyBank, a member
V. In order to fully address the financial and company of IFC’s Digital2Equal Initiative, is an example of
an organization that uses gender-disaggregated data and
non-financial needs of W-MSMEs, a greater
digital credit scoring to better support W-MSMEs through
focus can be placed on tailored credit and other
targeted products and services.15
financial service offerings, training programs,
digitization efforts, and improvements in the In terms of non-financial support, development
dissemination of available support. partners can collaborate with FIs to offer training
programs, coaching, legal support, and advance
digitization, in order to improve the dissemination
Various development partners and DFIs have of support to W-MSMEs. As FIs develop training and
extended MSME-focused interventions to support other types of non-financial service programs, they can
their recovery. Across regions, DFIs are beginning to pay attention to the content type sought by businesses
support non-traditional FIs to reach MSMEs better. IFC’s of different sizes. Once they have designed programs
new Base of the Pyramid facility will provide up to $400 appropriate to their clients’ scale, they can ensure
million to MFIs and NBFIs to deliver funding to MSMEs.11 greater participation by setting training timeframes
Also, IFC’s $2 billion COVID-19 response Working Capital that accommodate women’s household responsibilities.
Solutions Facility has been supporting FIs to on-lend The support in digitizing enterprises’ operations or financial
to small businesses in agribusiness, pharmaceuticals, management can provide efficiencies in accessing credit
and healthcare in countries like Uganda and Egypt.12 in the future. Development partners and FIs can also
DFIs and other investors have also increased support communicate more extensively the availability of such
aimed at helping portfolio companies and clients digitize support to W-MSMEs. Research by IFC Banking on Women
their businesses. The Africa Enterprise Challenge Fund found that integrating non-financial service offerings for
(AECF) has provided knowledge and support to help W-MSMEs yields positive returns on investment for banks
portfolio companies in the agriculture and energy sectors through increased interest income, a greater share of
adopt digital solutions. wallets, loyalty, and reduced risk. 16
11
“IFC initiative to Help Financial Institutions Support Small Businesses Disrupted by the Pandemic”, IFC, February 2021.
12
“Global response, regional impact in the Fight Against COVID-19”, IFC.
13
“IFC Offers Incentives for Lending to Small and Medium Enterprises and Women-led Businesses”, IFC, June 2020.
14
“French and Canadian development finance institutions launch capacity building project for women entrepreneurs to help respond to the COVID-19 pandemic”, FinDev Canada,
January 2021.
15
“MyBank’s gender-driven approach to lending”, IFC, August 2020.
16
“Non-Financial Services: The Key to Unlocking the Growth Potential of Women-led Small and Medium Enterprises for Banks”, IFC and FMO.
13RESEARCH APPROACH
This study aims to develop a deeper qualitative and The study covered 13 countries across three
quantitative understanding of the business and regions in SSA and sourced insights from
personal impacts of the pandemic on W-MSMEs, MSME surveys, secondary research, and phone
as well as on the FIs and other organizations that interviews with FIs, supporting organizations, and
support and serve them. Specifically, the study considers entrepreneurs. The MSMEs surveyed represented a
the preparedness of these businesses and organizations range of different sizes, formality status, and sectors.
prior to the crisis and analyzes their ongoing response It selected for a higher representation of W-MSMEs
and lessons learned during the crisis to establish, through (70 percent) than M-MSMEs (30 percent). The 2,207
a rigorous evidence base, a set of feasible solutions best MSME surveys completed include 983 from East and
suited to help W-MSMEs cope with current conditions and Central Africa, 720 from West Africa, and 504 from
thrive going forward. The study will assist development Southern Africa. The FI outreach connected with a mix of
partners in their efforts to share best practices in strategic 34 FIs, prioritizing major FIs in each country and focusing
dialogue with partners and enhance their understanding on those that service W-MSMEs. Researchers also asked
of and responses to the situation. several FIs to complete online surveys and received
responses from 22 of them. Additionally, the team
drew insight from one-on-one phone interviews with
13 supporting organizations identified as sector agnostic,
sector-focused, or W-MSME-focused.
1415
KEY FINDINGS
1. Overview of the impact of COVID-19 Highlighting the global nature of this crisis, the
on women-owned/led MSMEs pandemic has negatively impacted MSMEs in every
country. Even in Tanzania, where few cases were reported
and the country avoided lockdown measures, nearly a third
of MSMEs indicated that they could not continue operating
The vast majority of micro, small, and medium
or were struggling to adapt. Businesses suffered from
enterprises across Sub-Saharan Africa are global demand shocks such as dramatic reductions in the
suffering harsh economic impacts due to the number of international tourists, and global supply shocks
COVID-19 pandemic. Women-owned/led MSMEs such as disrupted access to imported agricultural inputs.
have been especially hard hit due to their smaller
size and concentration in heavily affected sectors. Figure 2: Impact on MSMEs, by country
8%
Congo, Dem. Rep. 41% 39% 11%
Across all surveyed countries in sub-Saharan Africa, 7%
MSMEs17 encountered severe business impacts due Ethiopia 21% 67% 5%
East and Central Africa
to the pandemic and the corresponding public health 4%
interventions. Over a quarter of the businesses could not Kenya 30% 61% 5%
continue their operations as currently modeled—with a 3%
higher proportion in Southern and West Africa (36 percent) Rwanda 16% 74% 7%
and a lower proportion in East Africa (28 percent). Over half
needed to adapt their businesses to continue operations, and
Tanzania 34% 31% 22% 13%
around 90 percent faced revenue losses, with 40 percent
4%
suffering revenue losses of more than 50 percent.
Uganda 24% 64% 8%
Figure 1: Impact on MSMEs18 2%
Southern Africa
Zambia 27% 66% 5%
Overall impact on MSMEs
11%
South Africa 21% 39% 28%
28% 55% 6% 11%
2%
Madagascar 61% 32% 5%
Cannot continue business 7%
Struggling but can adapt business model Nigeria 21% 62% 10%
No impact 8%
West Africa
Seeing an uptick Ghana 30% 54% 9%
3%
Impact on MSMEs’ revenue Senegal 42% 43% 11%
5% 5%
12%
10% 30% 27% 14% 9% Cameroon 52% 33% 3%
Cannot continue business
Complete loss Some decrease
Struggling but can adapt business model
Severe decrease No change
No impact
Major decrease Increased
Seeing an uptick
Moderate decrease
17
The enterprises were split into four categories: micro, very small, small, and medium. We have used the acronym MSME to represent all of these.
18
The overall impact question (Cannot continue business; Struggling but can adapt business model; No impact; Seeing an uptick) allowed multiple responses. However, most respondents
chose only one response. The analysis scales the responses to 100 percent for ease of interpretation. Revenue guidance: Complete loss of revenue is more than 90 percent, severe loss is
between 50 percent and 90 percent, major loss is between 25 percent and 50 percent, moderate loss is between 10 percent and 25 percent, some decrease is less than 10 percent.
16Some economies have fared particularly badly due movement restrictions, and increased costs to maintain
in large part to their pandemic responses, caseloads, preventive health measures.19 In addition, countries with
and exposure to international trade. More restrictive greater exposure to global economic forces—as indicated
lockdown measures and higher caseloads challenged by their imports and exports as a share of GDP—were
business operations, supply chains, and demand. In more adversely impacted. Table 1 below shows how these
such cases, MSMEs faced reduced labor supply, greater factors could have contributed to country-level impact.20
Table 1: The impact of COVID-19 on the 13 countries21
Lockdown
Health impact International trade22 Economic impact23
measures
COVID-19
COVID-19
Region Country Government
cumulative GDP 2020
Response Imports % Exports % GDP 2019
caseload (total growth
Stringency Index24 GDP - 2018 GDP - 2018 growth
confirmed cases outlook
(0 to 100, where
per million)25
100 is strictest)
Congo, Dem.
78.4 11,305 (127) 38% 34% -0.6% -2.2%
Rep.
Ethiopia 79.9 96,169 (840) 23% 8% 9.0% 1.9%
East and
Central Kenya 86.6 55,192 (1,039) 23% 13% 5.4% 1.0%
Africa Rwanda 72.7 5,137 (397) 30% 19% 9.4% 2.0%
Tanzania 38.1 509 (9) 17%* 15%* 7.0% 1.9%
Uganda 86.5 12,495 (279) 22% 15% 6.7% -0.3%
Madagascar 73.4 17,111 (618) 34% 29% 4.8% -3.2%
Southern
South Africa 82.3 725,452 (12,255) 30% 30% 0.2% -8.0%
Africa
Zambia 50.0 16,432 (896) 36% 37% 1.4% -4.8%
Cameroon 63.2 21,793 (821) 24% 19% 3.9% -2.8%
Ghana 61.4 48,055 (1,549) 36% 35% 6.5% 0.9%
West Africa
Nigeria 77.8 62,853 (305) 18% 15% 2.2% -4.3%
Senegal 63.3 15,616 (933) 38% 23% 5.3% -0.7%
* As of 2017
Low High
Despite similarities in overall reported impact, on they either could not continue business operations or
average, W-MSMEs experienced modestly greater were struggling due to the pandemic. However, specific
financial hardship as a result of the pandemic than questions on revenue and cost reveal that women-owned
their male counterparts. Movement restrictions businesses actually faced somewhat greater challenges,
and lockdown policies severely impacted demand for with 42 percent of W-MSMEs reporting a “complete
products and services across economies. Existing orders loss” or “severe decrease” in revenue versus 37 percent of
were cancelled, fewer new orders were placed, and M-MSMEs. Additionally, W-MSMEs were more likely than
customers demanded reduced prices. Amid this backdrop, M-MSMEs to report at least one operational cost increase
slightly more M-MSMEs than W-MSMEs reported that due to the pandemic.
19
“Impact of COVID-19 on micro, small, and medium businesses in Uganda,” Brookings, May 2020.
20
The pandemic’s impact on large enterprises and the government will also have an impact on GDP. Their contribution is dependent on the industry structure in each country.
21
The table provides the context analysis and does not represent econometric analysis.
22
World Bank.
23
IMF.
24
April–July, 2020 average, Coronavirus Government Response Tracker, University of Oxford.
25
As of 2 Nov 2020, World Health Organization.
17Figure 3: Impact on MSMEs, by gender When considering size and sector, it becomes
apparent that women-owned businesses, which
Overall impact on MSMEs
tend to be smaller and are more concentrated in
Multiple choice question more than one answer
harder hit sectors, fared worse than their male-
owned counterparts. As indicated in the figure overleaf,
28% 55% 6% 11% W-MSMEs are overrepresented in certain sectors, as per
the dataset. Hospitality (62 percent are W-MSMEs), trade
(53 percent are W-MSMEs), and manufacturing (53 percent
29% 54% 7% 10% are W-MSMEs) are three of the five hardest-hit sectors,
with overrepresentation of W-MSMEs in the dataset.26
A higher percentage of respondents in these sectors reported
Cannot continue business
that they could not continue operating their businesses
Struggling but can adapt business model or that their businesses were struggling. Businesses in
No impact the hospitality sector suffered from the closures of many
Seeing an uptick
cultural sites, arts centers, hotels, restaurants, and theatres
due to mobility restrictions and travel bans.27 Traders in the
informal economy and manufacturing and construction
Impact on revenue businesses saw demand erode as their customers lost
5% 5%
discretionary income. MSMEs in the education sector were
11% 31% 26% 14% 8% hit especially hard when most schools and institutions had
to shut during and beyond the pandemic’s peak.
4% 5%
Many demand-side and operational factors drove
8% 29% 28% 15% 9%
change in revenue during the pandemic compared
to pre-pandemic levels, as shown in Table 2. MSMEs
Complete loss Some decrease reported that existing orders were canceled, fewer new
orders were placed, and customers demanded reduced
Severe decrease No change
prices. Movement restrictions and lockdown policies
Major decrease Increased
impacted demand for products and services. Within various
Moderate decrease demand-related factors, sector-specific differences can
be observed between genders. On aggregate, a higher
Impact on operating cost proportion of W-MSMEs cited decrease in new orders
as a driver of reduced revenues. This was especially
pronounced in trade, construction, and manufacturing. On
79% 21%
the operational end, domestic movement restriction was a
key factor that led to reduction in revenues. International
movement restrictions did not affect MSMEs equally, which
76% 24%
indicates the localized nature of most MSMEs.
At least one operational cost* increased
No operational cost increase
* Operational cost items include production / processing, inputs, staffing, logistics
26
W-MSMEs were intentionally oversampled in the survey, which has been adjusted for the comparison. The survey is not completely randomized to show the precise gender breakdown
among MSME sectors; however, it approximately reflects the actual breakdown.
27
“Culture in the COVID-19 recovery: Good for the wallet, good for resilience, good for you,” World Bank, August 2020.
18Figure 4: Impact on MSMEs by sectors, and presence of MSMEs by gender in the dataset
Impact on MSMEs by sector MSMEs presence by gender in the dataset
5%
Trade (745) 29% 55% 11% 53% 47%
4%
Hospitality (464) 28% 62% 7% 62% 38%
8%
Manufacturing (285) 32% 49% 12% 53% 47%
9%
Agriculture (205) 20% 58% 13% 46% 54%
6% 25%
Construction (133) 33% 54% 6% 75%
7% 34%
IT (97) 27% 54% 13% 66%
3% 44%
Education (72) 41% 53% 3% 56%
9% 45%
Finance (71) 32% 48% 11% 55%
9% 61%
Health (56) 23% 47% 20% 39%
9% 36%
Transportation (47) 33% 50% 9% 64%
8% 8% 50%
Entertainment (20) 67% 17% 50%
Cannot continue business W-MSMEs M-MSMEs
Struggling but can adapt business model
No impact
Seeing an uptick
Table 2: Drivers of decline in revenues by sector and gender of MSME owner/leader
Demand Operational
Cancellation Reduction in Demand for Closure of Unable to Domestic International Capacity
of existing new orders discounts business move online movement movement constraints
orders restriction restriction
Trade 47% 51% 63% 54% 34% 42% 34% 33% 7% 5% 32% 31% 9% 14% 15% 14%
Hospitality 49% 54% 57% 50% 35% 39% 21% 15% 8% 7% 24% 31% 7% 8% 23% 23%
Agriculture 47% 60% 54% 67% 40% 36% 14% 10% 9% 3% 32% 48% 13% 16% 25% 21%
Construction 61% 53% 70% 57% 32% 26% 14% 14% 0% 6% 20% 38% 7% 10% 23% 36%
Manufacturing 55% 58% 69% 64% 31% 33% 22% 15% 4% 4% 29% 33% 13% 15% 17% 21%
Health 38% 33% 59% 56% 24% 33% 6% 0% 15% 11% 26% 33% 3% 11% 32% 33%
Education 29% 14% 29% 33% 16% 19% 22% 24% 6% 5% 14% 14% 4% 0% 33% 24%
IT 49% 26% 64% 57% 40% 48% 32% 35% 11% 13% 26% 28% 0% 7% 15% 26%
Finance 36% 19% 53% 23% 36% 15% 13% 23% 6% 12% 26% 15% 4% 4% 34% 35%
Transportation 30% 48% 48% 67% 41% 29% 19% 19% 0% 5% 11% 33% 11% 10% 26% 24%
Entertainment 67% 63% 73% 75% 27% 13% 33% 13% 7% 13% 27% 38% 0% 0% 20% 25%
Wt. average 48% 49% 60% 55% 34% 35% 24% 22% 7% 6% 28% 32% 9% 11% 20% 22%
Low High
19Some sectors such as healthcare and ICT experienced
upticks in demand, but men-owned businesses
captured most of the benefit from this growth.
A fifth of health entrepreneurs reported growth in
business during the pandemic.28 This is to be expected,
given the increased demand for health services. Business
uptick in the ICT sector is likely attributable to the shift
of organizations toward remote work and the need for
business continuity processes, aided by zero-rated or low
data costs in several countries during this period.29
Figure 5: Impact of COVID-19 on the health sector
Impact on business by size, health sector
Micro and very small 26% 45% 9% 21%
Small and medium 17% 52% 17% 13%
Cannot continue business
Struggling but can adapt business model
No impact
Seeing an uptick
Impact on business by gender, health sector
25% 51% 9% 16%
29% 16% 30% 16% 39%
Cannot continue business
Struggling but can adapt business model
No impact
Seeing an uptick
MSMEs in survey by size of business, health sector
48% 20% 25% 7%
42% 8% 42% 8%
Micro
Very Small
Small
Medium
28
Figure 4 provides details.
29
“Understanding COVID-19’s impact on the technology sectors.” Deloitte.
20W-MSMEs tend to be smaller and more informal than Figure 7: Overall impact by size of business,
M-MSMEs, and while MSMEs of all sizes reported similar and distribution of size by gender
overall impacts, the smallest businesses faced the
greatest revenue losses. Half of W-MSMEs sampled were Impact on business by size
microenterprises, compared with 43 percent of M-MSMEs.30 6%
As the figures below illustrate, microenterprises reported Micro 29% 54% 11%
the highest proportion of complete revenue loss during the 5%
pandemic (13 percent). The enterprises that experienced Very small 26% 58% 11%
total losses decreased as their size increased, with 10 percent 7%
of very small enterprises, 8 percent of small enterprises, Small 29% 57% 6%
and 6 percent of medium-sized enterprises experiencing
9%
total losses. This trend was consistent across most levels
Medium 30% 51% 10%
of revenue decrease. Meanwhile, a higher proportion of
medium-sized MSMEs saw no change or increased revenues.
Cannot continue business
It can be inferred that W-MSMEs’ smaller sizes meant
that they struggled more and were less able to capture Struggling but can adapt business model
opportunities. No impact
Seeing an uptick
Figure 6: Impact on revenue and cost by size
of enterprise
Distribution of MSMEs in survey dataset
Impact on revenue by size (% of W-and M-MSMEs to total W- and M-MSMEs in dataset)
4% 5%
Micro 13% 30% 28% 12% 7% Micro 50% 43%
4% 3%
Very small 22% 18%
Very small 10% 34% 24% 15% 8%
4% 5%
Small 21% 28%
Small 8% 28% 27% 17% 11% 8%
6% 5% Medium 12%
Medium 28% 25% 17% 12% 7%
W-MSMEs M-MSMEs
Complete loss Some decrease
Severe decrease No change
Major decrease Increased
Box 1: How have unregistered enterprises been
impacted and how have they coped?
Moderate decrease
Rates of business registration tend to increase with
Impact on cost by size enterprise size. Unregistered MSMEs comprised 21 percent
of the surveyed sample, and 77 percent of these were
Micro 78% 22% microenterprises. Almost equal proportions of W-MSMEs
and M-MSMEs (~20 percent) were unregistered.
The registration status of businesses had no significant
Very small 80% 20% impact on revenue outcomes during the pandemic. Impact
variations depended more on sector and enterprise size.
With regard to financial services, unregistered businesses
Small 81% 19% reported much higher use of mobile money and lower use of
insurance than registered businesses. Differences in uptake
often align with the amount and type of documentation
Medium 79% 21% required to use the service. A higher proportion of
unregistered businesses (86 percent) than registered
At least one operational cost* increased businesses (79 percent) reported receiving no support
No operational cost increase from financial service providers. Furthermore, unregistered
businesses were less able to access tax breaks and disaster
* Operational cost items include production / processing, inputs, staffing, logistics relief from their respective governments.
30
Figure 7 provides details.
21Over three-quarters of all MSMEs surveyed W-MSMEs faced operational cost increases and
experienced increased operating expenses and input supply chain challenges at greater rates than
costs due to the pandemic. MSMEs faced several supply M-MSMEs. On average, W-MSMEs were slightly more
chain disruptions, with acute raw materials shortages in likely than M-MSMEs to face increased operating costs,
the agriculture and manufacturing sectors. Meanwhile, as shown in the Figure 8 below.32 In addition, as shown in
inbound logistics obstacles negatively impacted the trade, Table 3, a greater share of W-MSMEs, on average, faced
hospitality, agriculture, construction, manufacturing, and raw material shortages and increased input prices. Price
transportation sectors. Due to increased supply chain- increase disparities varied by sector, but were strongest
related costs and reduced revenues, almost half of all in sectors where MSMEs likely faced suppliers with
MSMEs struggled to meet expense commitments such as stronger bargaining power, such as trade, manufacturing,
rents, salaries, and loan payments. Many MSMEs had to and health.33 By contrast, in sectors such as agriculture,
use up working capital to meet such expenses, and this W-MSMEs faced slightly lighter sourcing challenges than
put them in a weak position to restart activities once M-MSMEs.
the impacts of the pandemic subside. Small and medium
enterprises appear marginally better prepared to meet
operational costs and service loans than micro and very
small enterprises.31
Figure 8: Percentage of MSMEs who faced increases in operational costs due to COVID-19
91%
85%
84%
83%
83%
82%
80%
80%
80%
79%
77%
76%
75%
74%
73%
72%
67%
67%
64%
62%
58%
60%
Manufacturing
Construction
Hospitality
Trade
Transportation
Entertainment
Information
technology
Education
Health
Finance
Agriculture
W-MSMEs M-MSMEs
31
Individual respondents were permitted to offer multiple answers to this question.
32
About 79 percent of W-MSMEs faced increased operating costs, compared to 76 percent of M-MSMEs.
33
Within health, the majority of W-MSMEs operate clinics and pharmacies, as opposed to hospitals and diagnostics centers.
22Table 3: Supply chain disruptions due to COVID-19 by sector and gender of MSME owner/leader
Raw material shortages Price increases on inputs Transportation challenges Transportation challenges
- inbound logistics - outbound logistics
Trade 43% 38% 60% 55% 46% 40% 27% 27%
Hospitality 48% 44% 68% 59% 32% 45% 21% 25%
Agriculture 54% 59% 70% 71% 43% 60% 37% 41%
Construction 38% 56% 48% 56% 41% 41% 17% 25%
Manufacturing 70% 62% 74% 67% 42% 42% 26% 29%
Health 50% 25% 73% 17% 36% 25% 32% 17%
Education 17% 24% 34% 20% 19% 8% 17% 4%
IT 26% 43% 55% 70% 36% 52% 30% 34%
Finance 19% 21% 38% 46% 26% 8% 21% 4%
Transportation 19% 50% 22% 45% 41% 40% 19% 25%
Entertainment 43% 17% 64% 50% 36% 67% 29% 67%
Wt. average 46% 45% 62% 57% 40% 42% 26% 27%
Low High
Women entrepreneurs experienced slightly higher Figure 9: Increase in demand from household
time poverty due to their greater household commitments and their business impact
commitments and childcare responsibilities. As shown
in the figure on the right, both women and men reported Increased demand from household commitments
substantial increases in household commitments due to
the pandemic; however, women started from a much
higher baseline. Women entered the pandemic doing
three times more caregiving and domestic work than
66% 66% 65% 62%
men, on average.34 In the context of the pandemic,
women are faced with shouldering a higher proportion
51% 44% 48% 39%
of unpaid care work, with reduced time available for paid
work, prompting women to leave their jobs and women Home Domestic Health Childcare
entrepreneurs to close their businesses.35 In the survey expenses responsibilities
dataset, female entrepreneurs reported greater increases
W-MSMEs M-MSMEs
in time commitments due to domestic responsibilities,
health, and childcare than their male peers.36 As illustrated
in Figure 9, these increased commitments at home Business impact of increased demand from household
translated into less time to focus on business, lower commitments
productivity at work, and fewer finances to put toward
their businesses.
61% 57%
48% 44%
23% 22%
Less/no access to Less time to focus Less productivity
finances to input on business because of health
in business
W-MSMEs M-MSMEs
34
Global figures. Source: Dalberg: Time Poverty: Why it Matters and What To Do About it.
35
“COVID-19 and Gender Equality: Six Actions for the Private Sector.” IFC, 2020.
36
The survey did not explore the amount of additional or total time spent on household activities, which might show gendered differences compared to the perception of increased
household commitments felt by W-MSMEs and M-MSMEs.
232. Support provided to and received FIs offered financial support in the form of restructured
by W-MSMEs during the pandemic loans and, where applicable, new loans to minimize
the pandemic’s negative impact on their MSME clients.
As described in greater detail in the Annex, loan restructuring
W-MSMEs entered the pandemic with lower efforts included deferred loan repayments, waived default
rates of financial inclusion than M-MSMEs. charges, and in some cases, reduced interest rates. FIs also
The pandemic exacerbated these trends. Among increased limits on and access to working capital loans to
the very small share of MSMEs that accessed help MSMEs meet day-to-day expenses during times of
financial support during the crisis, fewer were low consumption. Furthermore, institutions participated in
owned or led by women. various other initiatives, including the provision of interest-
free loans to cover salaries, the extension of new loan
offerings to businesses with high repayment histories, and
The pandemic-related financial support offered by FIs
the issuance of microcredit loans targeting micro-W-MSMEs.
and governments reached very few of the surveyed
MSMEs overall. Several FIs provided support, such as debt FIs also provided MSMEs with several forms of non-
restructuring, but over 90 percent of MSMEs reported not financial support. Specifically, digital efforts included, among
having received any such assistance. W-MSMEs and smaller other things, the provision of mobile phones on credit and
businesses in general already experience lower financial the establishment of online, phone-based, and app-based
inclusion, including lower uptake of debt and insurance banking and financial transaction services. At the same
products. The pandemic only exacerbated these trends by time, FIs disseminated information about available support,
constraining lending overall, especially among businesses
conducted webinars to assist with risk management and
with already lower use of financial services and more limited
share effective response measures, created online financial
access to collateral.37
training programs and instructional videos, and offered
Many traditional FIs such as banks, SACCOs, and technical assistance. The Annex outlines these efforts in
MFIs took more cautious approaches to lending after greater detail.
suffering reduced revenue and greater burdens from
non-performing loans.38 As a result, new customers A higher proportion of SMEs reported accessing FI support
were less able to get credit, and could not access debt than micro and very small enterprises. Overall, 9 percent
restructuring except in the form of collateralized loans.39 of MSMEs received restructured loans. Within the sizes, just
For example, in South Africa, private sector credit in 6 percent of micro and 7 percent of very small enterprises
September 2020 grew at 3.1 percent year-over-year, received restructured loan terms, compared to 11 percent
compared to 6.2 percent year-over-year in September of small and 13 percent of medium-sized enterprises. This
2019.40 In a survey conducted by the Central Bank of Kenya disparity may have been due to the greater tendency of SMEs
in December 2020, 34 percent of credit officers stated to have existing long-term, collateralized loans that could
that they have tightened credit standards, compared with
be restructured. More SMEs also reported having accessed
17 percent who stated the same in December 2019.41
mentoring/coaching and webinars from their financial service
These risk-averse positions disproportionately excluded
providers. This could be attributable to the fact that larger
W-MSMEs, given their lower financial inclusion and lack
businesses tend to receive beneficial treatment from FIs. FIs
of sufficient collateral. In contrast to banks, SACCOs,
and MFIs, digitally-based FIs such as FinTechs and mobile may have catered to larger customers in an effort to reduce
money companies saw their businesses grow during the portfolio risk. More W-MSMEs than M-MSMEs reported
pandemic. The FinTech market in SSA grew by 21 percent receiving informational support (9 percent vs. 7 percent),
over the year, with increases in transaction volumes and while M-MSMEs more often reported receiving short-term
number of users for digital payments and InsurTech services.42 working capital loans (5 percent vs. 2 percent).
37
29 percent of W-MSMEs surveyed had business insurance compared to 36 percent of M-MSMEs, per the survey. Women tend to have lower collateral compared to men, per FI
interviewees.
38
The section “Impact on financial institutions and supporting organizations and their response” in the Annex has further details.
39
MSMEs that received loan restructuring or new working capital were mostly concentrated in manufacturing and construction sectors.
40
South Africa Private Sector Credit dataset is from Trading Economics and South Africa Reserve Bank.
41
Credit Officer Surveys conducted quarterly by the Central Bank of Kenya.
42
“The Global COVID-19 FinTech Market Rapid Assessment Study,” University of Cambridge, World Bank Group and the World Economic Forum.
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