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Bank Muscat evokes strong response to SME initiatives for entrepreneurs
Bank Muscat, the flagship financial services provider in the sultanate, has evoked a strong response to its unique SME initiatives, which address the requirements of the entrepreneurs in Oman. Stemming from the Royal Directives to promote the SME role in the country’s economic diversification, Bank Muscat is proud to have initiated a series of...
Rating opens doors for SME funding in South Africa
The according of a BB (ZA) rating to Retail Capital, which provides working capital to businesses, will open up opportunities for increased funding to small business and job creation in the sector. This is the first rating for Retail Capital, which was founded in 2011. “Being a rated Financial Institution allows us to access new pools of capital...
External financing - should SMEs take the leap?
The UK’s rapidly expanding small business sector is something of a sleeping giant, with young companies in need of better access to finance to kick-start their growth. Early-stage start-ups are reasonably well catered for in the funding stakes, but as they reach the development capital stage – with a viable, revenue- generating concept and a clear...
Small business, big attraction: Can small business banking be personal?
Small businesses have long mystified banks. They make up an overwhelming 99 percent of all businesses—yes, 99 percent—and employ close to half of all workers. They generate more than 60 percent of the private sector’s net new jobs. Yet despite the critical role small businesses play in the economy, most banks struggle to generate strong returns...
BAAC targets SMEs for farming loans
The state-owned Bank for Agriculture and Agricultural Cooperatives (BAAC) is seeking to enlarge the ratio of farming loans to small and medium-sized enterprises (SMEs) to 40% of outstanding loans by 2020. The move will comply with the government's policy to move farmers upstream in the production process into value-added agricultural product...
Alternative Delivery Channels for Financial Inclusion: Opportunities and Challenges in African Banks and Microfinance Institutions 2016
The MasterCard Foundation’s financial inclusion partners have identified alternate delivery channels (ADCs) as having high potential to reach the “last mile” customer with relevant and accessible access to finance. As part of its multi-pronged effort to promote financial inclusion and increase economic opportunities for the underserved, the...
Nigeria’s KiaKia using big data to offer SMEs access to loans
Nigerian startup KiaKia is helping to make direct and peer-to-peer consumer and SME loans accessible and obtainable for underbanked and unbanked Nigerians without credit histories through its online proprietary credit scoring and risk assessment algorithm. Launched to the public in November of last year, KiaKia aggregates digital data and utilises...
World First Lets Global SMEs Go Bankless
World First is launching a cross-border payments platform for SMEs. The U.K. company said Tuesday (May 9) that it is rolling out its World Account solution, an international payments platform for B2B payments developed for smaller businesses. According to World First, the solution allows SMEs to go bankless and avoid the fees associated with...
PayPal launches a small biz toolset, ‘Business in a Box’
PayPal today launched a new service, called Business in Box , aimed at bringing more U.S. small business owners to its payments platform. The service, which was developed in partnership with WooCommerce and Xero , offers merchants a suite of tools for running their online businesses, including an online storefront, accounting tools, the ability to...
Investing in Women: New Evidence for the Business Case
Over the last two decades, the gap between male and female employment rates has closed by only 0.6 percentage points. The financing gap for women entrepreneurs remains at an estimated $285 billion. Inequities between men and women have been exacerbated by the lingering e¯ects of the global financial crisis. Solving these and other challenges will...