COVID got nothing on African SMEs🙅🏾♀️
Resilient (adjective): able to withstand adversity and bounce back from difficulty.Hello Venturer,Whenever you hear the word - resilient - who or what comes to mind? For us at Ventures Africa, African entrepreneurs, businesses, and financial institutions come to mind. Beyond its impact on human life, the COVID-19 pandemic caused a significant impact on economies and businesses globally. Its effect on African SMEs was severe, given that they had fewer resources to weather the storm. Still, SME confidence in the continent is on the rise.According to recent research, over 70 percent of SMEs in Sub-Saharan Africa are optimistic about the next 12 months. The region also has the highest potential in being able to do business internationally post-pandemic.But SMEs are not the only entities showing resilience, Nigerian banks have also shown remarkable strength and adaptability, with their earnings and profitability improving over time. You'll learn more about this in one of our stories. In all, we are quite proud of the buoyancy of these entities.Hadassah EgbediEditor, Ventures Africa
The VA Pod: Herstory
This week on Herstory, learn about Quartey-Papafio, one of Ghana's leading cable manufacturers, Grace Nzivo, a foremost Kenyan engineer, and Sohair Mansour, Egypt's famous matchmaker. Listen.
AWA Bike: The bicycle hailing company pedaling Nigeria towards environmental sustainability
In Nigeria and most of Africa, cycling is often regarded as a recreational activity. But one startup is working to change that. AWA Bike, West Africa’s first smart bike-sharing company is redefining the narrative that bicycles are more than just recreational vehicles; they promote good health, provide easy mobility, and ensure environmental sustainability. Learn more about this startup.
74 percent of SMEs in Sub-Saharan Africa are optimistic about their future
As many regional economies gradually enter the normalization and growth phase, and social restrictions continue to ease, small and medium-sized businesses in Sub-Saharan Africa have identified three drivers for growth, including upskilling staff for the future, access to training and development support, and easier access to credit. Learn more.
Loan defaults threaten the sustainability of the CBN’s Anchor Borrowers’ Programme
In light of the COVID-19 pandemic, the Central Bank of Nigeria approved a one-year extension of the moratorium on repayment, raised the Loan Deposit Ratio (LDR) from 60 percent to 65 percent, and reduced the interest rate of the intervention loans from nine percent to five percent. Still, the problem of repayment hovers. Read more.
Coronation report says Nigerian Banks are resilient despite COVID-19 Pandemic
The 2021 bank report by Coronation Asset Management shows that the earnings of Nigerian banks have been remarkably resilient over the interest rate cycle, their profitability is improving over time, and their stock values are remarkably cheap compared to Ghanaian and Kenyan bank stocks. Learn more.
ICYMI: 5 green entrepreneurs transforming trash to cash in Nigeria
With an estimated population of about 211 million, Nigeria is one of the largest producers of solid waste in Africa. Only 20 to 30 percent of the 32 million tons of annually generated waste is collected. This means solid waste management is a pressing environmental challenge in Nigeria. To tackle this, some Nigerians are investing in noteworthy waste management initiatives with a financial advantage. Read more.
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