A new report by Mastercard has found that 89% of Kenyan SMEs believe in the power of e-commerce, the highest confidence levels on the continent It also finds that 44% of SMEs in the region recognize faster access to revenue as the most significant benefit of a cashless economy to their business The technology company also ranked mobile at 59%, online at 49%, and cards at 48% as the most popular digital payment methods used by SMEs
A majority of Small and Medium Enterprises (SMEs) in Kenya believe e-commerce will positively impact their business.
According to a white paper released by technology firm Mastercard, 89% of Kenyan SMEs believe in the power of e-commerce, the highest confidence levels on the continent. Dubbed ‘The Digital SME: How Are Small and Medium Enterprises in the Middle East and Africa Embracing a Digital Future?’ the paper ranks SMEs in Nigeria second at 73%, followed by SMEs in Ivory Coast at 73%.
Overall, the paper finds that 67% of SMEs in the Middle East and Africa region have faith in the impact of e-commerce in Kenya.
Digital payments growing
Cellulant Country Manager Faith Nkatha said the company processed $5.7 billion (KSh 640 billion) worth of payments in Kenya in 2019 alone. Payments further accelerated by 40% in 2020, driven by the COVID- pandemic.