The COVID 19 pandemic has had and is predicted to have a strong effect on labour markets worldwide and in particular, Africa, where more than 70% of the workforce is in self-employment or works in micro, and small enterprises. This will also disrupt many existing value chains that most likely would, in turn, lead to loss of income and sharp increases in unemployment.
In addition, most of the SMALL MEDIUM ENTERPRISES (SMEs) especially in the developing countries are often run by women, operate in saturated sectors in the informal economy and most lack social protection. SMEs will, therefore, be the first to suffer devastating consequences of the economic downturn. Re-starting the economy and creating jobs will be key once the immediate health crisis is over.
DotConnectAfrica hosted an engaging exclusive and insightful Executive Roundtable conversation, with Top Industry and Business Leaders and Representatives of SMEs operating in African countries – on the lessons and reflections, as businesses and individuals globally seek solutions for the COVID 19 crisis to innovative ways to achieve their goals.
This is the 3rd Crisis Management Conversation Series of the DCA WebForum titled “The Impact of COVID-19 on SME Financing in Africa”.
The WebForum was chaired by Sophia Bekele, CEO & Founder DCA Group, who is splendidly known for her work in rebranding Africa on the Internet and Women empowerment on the tech space. The panel of speakers included; Michael Monari: Founder & CEO, Longitude Finance – Kenya; John Kuria Kariuki: Group Chief Executive Officer/Founder at FinCredit Limited, and a Board member the Association of Microfinance Institutions of Kenya (AMFI); Pamela M. Njuguna: Head of Business & Marketing, Credit Bank, named ‘Girl Boss’ by BusinessToday – Kenya; John Ngumi: Executive Director at Eagle Africa Capital Partners Limited, current Chairman of Kenya Pipeline Company Ltd, Wananchi Group and Director, Kenya Private Sector Alliance – Kenya; and Erick Yong: CEO and Co-founder of GreenTec Capital Partners – Cameroon/Germany.
The panel of distinguished speakers exchanged expert insights, practical approaches and good practices on the topic: The real effects on the ground for SME’s; the plans that are being implemented to curb further negative effects on the market; future strategies that organizations can rely on to remain resilient and afloat; opportunities, and methods of enabling new growth and the Predictions of the paradigm shifts for SME financing.
Watch the Web Forum below:
The DCA WebForum, sponsored by the DCA Digital Academy, is part of a series of sectorial web forums “Crisis Management Conversation – #YourSayYourPart” devoted to communities DCA Group serves in Africa. They are intended as a meeting and networking opportunities for executives and business leaders. It is also intended to serve as a platform for critical learning for our community, where ideas, viewpoints and conversations have a space to flourish.