Latest news with #MSMEs
Zawya
4 hours ago
- Business
- Zawya
International Trade Centre (ITC) SheTrades and Visa expand partnership to support women and youth entrepreneurs in sub-Saharan Africa
The International Trade Centre's (ITC) SheTrades initiative and Visa announce a regional capacity building programme to support women and youth-led businesses in Kenya and South Africa, expanding their partnership into sub-Saharan Africa. Building on collaborations in the Gulf and Asia-Pacific regions, the programme will enhance the digital, financial and entrepreneurial capacities of micro, small and medium-sized enterprises (MSMEs) led by women and youth – two key groups driving innovation and inclusive growth across the continent. Entrepreneurs can register to join the programme here. Across sub-Saharan Africa, women are estimated to own close to 60% of MSMEs, while earning 38% less in profits. Structural barriers – such as limited access to finance, digital technologies and tailored business support – continue to impede their full participation in formal economies. Similarly, while the region's young demographic can be considered a strength, young entrepreneurs encounter challenges in accessing the skills, tools and networks required to build and scale their enterprises. According to the African Development Bank, narrowing gender and age-based disparities in labour markets and enterprises could boost economic output by as much as 34%, underscoring the potential positive impact of inclusive economic participation. To address these barriers, the programme offers a hybrid learning experience combining online and in-person capacity building tailored to the needs of women and youth-led MSMEs in the region, including on topics such as artificial intelligence for business, financial literacy, digital payments, investment readiness and broader entrepreneurial skills. At the core of the programme is Visa's She's Next, which provides women entrepreneurs with mentorship, funding and networking. By connecting programme participants with the She's Next alumni and the wider SheTrades community, the initiative will foster peer learning, sustained engagement and a supportive entrepreneurial ecosystem. 'This partnership reflects our shared commitment to closing the digital and financial inclusion gap for African entrepreneurs,' said ITC Executive Director Pamela Coke-Hamilton. 'We look forward to building on our partnership with Visa to enable long-term economic empowerment of women and youth, who, when fully engaged in trade, become powerful agents of change in their communities and countries.' The programme will be delivered in collaboration with a network of public and private partners, including the SheTrades Hubs in Kenya and South Africa, hosted by ABSA Bank Kenya and the Small Enterprise and Finance Development Agency (SEDFA), respectively. Microsoft Philanthropies will contribute AI-focused learning modules, which will be made available as UN public goods through the SheTrades Academy. 'At Visa, we believe that economies that include everyone, everywhere, uplift everyone, everywhere. Our expanded partnership with ITC SheTrades through the She's Next initiative is a testament to this belief,' said Michael Berner, Head of Visa Southern and Eastern Africa. 'By equipping women and youth entrepreneurs with the digital tools, financial knowledge, and networks they need to succeed, we are helping individual businesses thrive and contributing to the broader economic resilience and inclusive growth of the region. This initiative reflects Visa's ongoing commitment to driving equitable access to the digital economy and unlocking opportunities for underrepresented communities across Sub-Saharan Africa.' The programme was announced during the Global SME Ministerial Meeting, organised by ITC in collaboration with South Africa's Department of Small Business Development, where Visa contributed to discussions on financing solutions for sustainable small business growth. Upcoming webinars include: Kick-off&Microsoft AI Launch: 31 July Digital Tools&AI Integration: 28 August Budgeting&Financial Planning: 18 September Entrepreneurs can register to join the programme here. Distributed by APO Group on behalf of International Trade Centre.
Business Standard
5 hours ago
- Business
- Business Standard
PHDCCI presents key recommendations to RBI to strengthen MSME financial ecosystem
The PHD Chamber of Commerce and Industry (PHDCCI) presented forth a comprehensive set of policy recommendations to the RBI Governor, which is aimed at enhancing credit access, regulatory support, and financial efficiency for Indias Micro, Small, and Medium Enterprises (MSMEs). Recognizing the critical role of MSMEs in driving Indias economic growth, PHDCCIs submission included eight targeted action points. The Chamber appreciated the Union Governments move to expand credit guarantee schemes and urged the RBI to ensure effective implementation. To that end, it was suggested that RBI should create designated helpdesks at field offices level to support MSMEs facing credit access challenges. A key recommendation included streamlining and rolling out the proposed Micro Credit Facility Cards, announced in the Union Budget, with a ₹5 lakh limit each. PHDCCI proposed renaming them to distinguish from consumer credit cards, standardizing issuance procedures, ensuring interest rate caps, and launching a centralized portal for monitoring card applications. PHDCCI also stressed the need to digitize and standardize banking documentation across institutions to reduce physical paperwork and promote transparency. In a push for inclusive financing, PHDCCI advocated for removing the current ₹20 lakh cap on Priority Sector Lending classification for credit through NBFCs, requesting an increase to at least ₹1 crore to support working capital needs in line with revised MSME definitions.
Hans India
7 hours ago
- Business
- Hans India
PSBs sanction 98,995 MSME loan applications under new credit assessment model
A total of 98,995 MSME loan applications have been sanctioned by the public sector banks (PSBs) under New Credit Assessment Model between April 1 and July 15 this year, the government has informed. Bank loans through new digital credit assessment model are decided within maximum of upto one day significantly reducing the turn around time (TAT) as compared to manual methods, said Minister of state for Finance, Pankaj Chaudhary, in a written reply to a question in the Lok Sabha. The benefits to MSMEs by use of this model include submission of application from anywhere through online mode, reduced paperwork and branch visit, instant in-principle sanction through digital mode, seamless processing of credit proposals, reduced TAT, credit decision based on objective data/ transactional behaviour among others. Under the new model, credit decision is based on objective data/ transactional behaviour and credit history of the borrower. Further, credit request submission and assessment is done entirely through digital process which reduces subjectivity, fraudulent submission of credit information and error in decision making. This enables faster, transparent and more objective assessment of creditworthiness using system-generated credit logic and scorecards. Business Rule Engines (BREs) of banks will capture all risks as per its credit risk management policy, said the minister. The New Digital Credit Assessment Model for MSMEs was announced in the Union Budget 2024-25. The model envisioned that the PSBs will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment. PSBs would develop a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy. The model leverages the digitally fetched and verifiable data and devises automated journeys for MSME Loan appraisal using objective decisioning for all loan applications and model-based limit assessment for both Existing to Bank (ETB) as well as New to Bank (NTB) MSME borrowers. The introduction of the new digital credit assessment model does not involve any fundamental changes in the basic eligibility criteria for MSME loans in terms of regulatory norms or policy guidelines of individual bank. However, it simplifies the process of sanctioning loans and offers a more user-friendly and standardised approach by relying on digitally available data, according to the government.
Yahoo
13 hours ago
- Business
- Yahoo
SM nurtures next generation of entrepreneurs
PASAY CITY, Philippines, July 28, 2025 /PRNewswire/ -- Anchored on an inclusive supply chain network, the SM group's partner-MSMEs (micro, small, medium enterprises) have grown alongside the group. Home to the largest MSME community, SM is supporting over 100,000 MSMEs to date. Within the hundred thousand MSMEs are next generation entrepreneurs – Gen Zs (ages 13 to 28) and Millennials (ages 29-44). From providing a marketplace to showcase their products, marketing support to financial access, the SM group continues to enable the growth of these young entrepreneurs. Launchpad and marketplace for dreamers Close to 70% SM Supermalls tenants are MSMEs. Championing the next generation of Filipino business leaders, Mr. Joaquin L. San Agustin, Executive Vice President for Marketing, SM Supermalls shared, "We've seen a growing presence of Gen Z and Millennial entrepreneurs across our MSME programs. These young, up-and-coming business owners have been actively joining our fairs and leasing spaces. Many are first-time entrepreneurs, creatives, or former online sellers who now see the value of connecting with customers face-to-face. SM is here to be the launchpad and marketplace of their dreams." Aspiring entrepreneurs often discover the possibility of being a tenant through SM Supermalls MSME application portal, ongoing pop-up markets like the Viyline MSME Caravan, Artisan, Souk Fair and the Art Market to name a few. "Working with these young entrepreneurs is always refreshing. We've seen firsthand how their energy and innovation breathe new life into our malls, turning booths into mini experiences and side hustles into real businesses," Mr. San Agustin added. Strong advocate for small businesses Kultura, a retail brand of the SM group, was always a dream platform for Hannah Garcia, founder of Pamanna Jewelry. She was 28 years old when she started her business which began as a passion project – brewed by early exposure to retail and craftsmanship. Kultura has around 15 to 20 Gen Z and Millennial partner-suppliers who, like Ms. Garcia, had the courage to start on their own. "We choose our suppliers based on their understanding of the market and if they can develop the products we need. We also assess their willingness to grow with Kultura and if their values align with ours," shared Sheila Tan, Senior Assistant Vice President for Operations, Kultura. About SM Investments Corporation SM Investments Corporation is one of the leading Philippine companies that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy. SM's retail operations are the country's largest and most diversified, consisting of grocery stores, department stores and specialty retail stores. SM's property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM's interests in banking are in BDO Unibank, Inc., the country's largest bank, and China Banking Corporation, the fourth largest private domestic bank. For more information, please visit View original content to download multimedia: SOURCE SM Investments Corporation Sign in to access your portfolio
Mint
20 hours ago
- Business
- Mint
India logs 65K digital payments worth ₹12K trillion in 6 years, says govt
New Delhi: India logged over 65,000 crore digital payment transactions worth ₹ 12,000 trillion in the last six fiscal years—FY19 to FY25—marking a surge in the technology's adoption across the country, including small towns and rural areas, minister of state for finance Pankaj Chaudhary said on Monday. This has helped reduce cash dependency in the economy and increase formal economic participation. In a written reply to a question in the Lok Sabha, Choudhary said the government has been closely working with various stakeholders, including the Reserve Bank of India (RBI), National Payments Corporation of India (NPCI), fintechs, banks, and state governments to boost adoption of digital payments across the country. The RBI had set up a Payments Infrastructure Development Fund (PIDF) in 2021 to encourage deployment of digital payments acceptance infrastructure in small towns and cities and remote parts, including the northeastern states and Jammu & Kashmir, the minister said. As on May 31, around 4.77 crore digital touch-points had been deployed through the PIDF. The RBI has developed the Digital Payments Index (RBI-DPI) to measure the extent of digitization of payments across the country. The index, published semi-annually, pegs March 2018 as the base period (index = 100). As per the latest release, the RBI-DPI was at 465.33 for September 2024, reflecting continued growth in digital payment adoption, infrastructure, and performance across the country, the minister said. The government, the RBI and NPCI have taken various initiatives to support small businesses and micro, small and medium enterprises (MSMEs) to facilitate the adoption of digital payment systems to expand their customer base and improve efficiency, he said. These include an incentive scheme for promotion of low-value BHIM-UPI transactions for small merchants, Trade Receivables Discounting System (TReDS) guidelines that allow MSMEs to get their invoices discounted on its platform at competitive rates, and the rationalization of merchant discount rate (MDR) for debit card transactions. The growing adoption of digital payments has revolutionized access to financial services, particularly for the underserved and unserved communities. By enabling seamless, traceable transactions through platforms such as unified payments interface (UPI), digital payments have created a robust financial footprint for individuals and businesses, Choudhary said. These footprints also serve as alternative data points for financial institutions, allowing them to assess the creditworthiness of customers even in the absence of traditional documentation, he said. More people are thus able to access formal credit channels and enter the financial ecosystem.
