After facing unprecedented changes in the wake of the Covid-19 pandemic, Small and Medium Enterprise (SME) confidence in Mena is on the rise, according to the latest research by Mastercard.

The inaugural Mastercard Middle East and Africa (MEA) SME Confidence Index found 81 per cent of SMEs in Mena are optimistic about the next 12 months. In fact, 77 per cent are projecting revenues that will either grow or hold steady. Over half (56 per cent) are projecting an increase.

As many regional economies gradually enter the normalisation and growth phase, and social restrictions continue to ease, small and medium sized businesses in Mena have identified better data and insights (42 per cent), easier access to credit (41 per cent) and upskilling staff (40 per cent), as the top three drivers for growth. This highlights the opportunities for small businesses that arise from both internal transformation as well as industry regulations.

Making sure that SMEs have all the support they need to go digital is a key focus for Mastercard. The company works closely with government, financial organisations and the wider business community to create opportunities for SMEs across the region.

Mastercard has pledged $250 million and committed to connect 50 million micro, small and medium size businesses globally to the digital economy by 2025 using its technology, network, expertise and resources in support of the company’s goal of building a more sustainable and inclusive digital economy. As part of these efforts, Mastercard is focused on connecting 25 million women entrepreneurs. For many small businesses, reducing their dependence on cash through digital payments acceptance, has played a major factor in being able to get paid and maintain revenues.

 “The results from the SME Confidence Index clearly indicates an upliftment in sentiment that most business across Mena are feeling today. This is a positive sign for the region on its journey to economic recovery, and a clear indication of the power of technology in helping enable this growth. As a technology enabler of choice, Mastercard is working closely with small and medium businesses across the region to ensure that their needs are being heard and met with the latest tools and technology that can help them make the most of out of an evolving digital economy,” said Khalid Elgibali – Division President, Mena, Mastercard.

When asked about the main thing that keeps them up at night, 50 per cent of SMEs in Mena mentioned the challenge to maintain and grow their business was their top issue.