Mubasher: Mastercard will be collaborating with Meta, formerly known as Facebook, to endorse the digitisation and growth of small and medium enterprises (SMEs) in the Middle East and Africa (MEA), according to a press release on Wednesday.
Both entities will be organising a training webinar on how to manage uncertainty on Wednesday, 8 December.
The 2021 Mastercard MEA SME Confidence Index has shown that 74% of SMEs across the region are optimistic about future growth. This was endorsed by the potential for digitalisation, better data, access to credit, and upskilling.
Vice President, Middle East, Africa & Turkey, at Meta, Derya Matras, said: “We have an important role to play, providing the necessary digital skills for startups and small businesses to survive, recover and deliver results online and offline.”
Meanwhile, Amnah Ajmal Executive Vice President, Market Development, Middle East and Africa, at Mastercard, said: “The SME segment was highly impacted during the pandemic due to the lack of scale and access to capital. This is a critical time for entrepreneurs and small business owners to have that access to the right resources, insights, tools and solutions to recover from the impact of the pandemic and thrive.”
It is worth noting that Mastercard is allocating $250 million over five years to back small businesses’ financial security across the globe. It has also committed to connecting 50 million small businesses, of which 25 million are women entrepreneurs worldwide, to the digital economy by 2025.