#small businesses

Iyobosa Uwugiaren discusses the initiative by First Lady Senator Oluremi Tinubu to encourage Nigerians, particularly women and youth, to participate in small businesses like frying akara and roasting corn. This effort aims to promote entrepreneurship and economic empowerment within the community.

The African fintech industry is transitioning from short-term consumer lending to financing small businesses, driven by increasing regulatory scrutiny and government initiatives aimed at promoting credit in productive sectors. Analysts suggest that this trend will enhance access to finance for Micro, Small and Medium Enterprises (MSMEs), reflecting a significant shift in lending practices within the sector, according to Daily Trust.

According to Watchdog Uganda, a recent event in Kampala attracted 4,000 attendees, highlighting the impact of the entertainment market on small and medium-sized businesses in Uganda. Various vendors, including food sellers, boda-boda riders, mobile-bar operators, and tailors, benefited from the influx of people at the venue, showcasing the economic opportunities created by such events.

In Dar es Salaam, many women entrepreneurs face significant challenges in accessing capital, which is crucial for the survival and growth of their small businesses. This issue affects various individuals, including those looking to expand their operations, such as a Mama Ntilie needing a larger cooking stove or a market vendor wanting to increase her stock, according to Daily News.

4G Capital has provided over $1 billion in loans to small businesses in Kenya and Uganda, reflecting a growing need for working capital among entrepreneurs often excluded from traditional financing. Since its inception in 2013, the Nairobi-based fintech has served approximately 800,000 customers and issued more than 7.6 million short-term loans.

According to Techpoint Africa, the Lagos State Employment Trust Fund (LSETF) has reported that over the past 10 years, it has disbursed more than 15 billion naira in loans to over 20,000 micro, small, and medium enterprises. Additionally, LSETF claims to have supported more than 82,000 small businesses through various capacity-building programmes.