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Add comment Recent World Bank investment climate surveys find that the top two constraints for small and medium enterprises SMEs in Africa are access to finance and access to energy.
Given that SMEs contribute disproportionately to boosting job creation, GDP, and exports, addressing these two constraints is critical to promoting economic development on the continent.
A new project combining skills across the World Bank Group and IFC is taking advantage of disruptive advances in the energy and finance sectors to address these longstanding challenges for SMEs.
Current access to electricity remains woefully low and is a major impediment to economic growth.
In recent years, however, two important developments have made it possible to begin addressing these challenges: Off-grid energy solutions—notably solar power—have fallen dramatically in price with new business models working to scale them New digital-based financing mechanisms, such as crowdfunding, cryptocurrencies, peer-to-peer lending, psychometric testing, big data, and blockchain have emerged as tools for under-served finance markets.
There are strong parallels in these advances for both sectors.
Whereas both energy and finance are traditionally provided by large-scale, centralized service providers—state-owned electricity utilities and large commercial banks, respectively—new solutions have effectively decentralized and democratized the provision of these services.Access Capital, a national leader in asset-based lending, payroll and staffing funding, and commercial finance to growing businesses.
Banks have a crucial opportunity to help bridge the finance gap with the investment needed to commercialise and scale these solutions and support a move to a low-carbon economy, by providing finance capital for clients, including governments, businesses and supranational institutions.
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Tax Trend by Year and Month: Outturn vs Profile: Actual Outturn V Profile. 23 ACCESS TO FINANCE AND DEVELOPMENT: THEORY AND MEASUREMENT Second, the chapter presents indicators of access to and use of ﬁ nancial services that households and small ﬁ rms are likely to need.
Access to finance is the ability of individuals or enterprises to obtain financial services, including credit, deposit, payment, insurance, and other risk management services. Those who involuntarily have no or only limited access to financial services are referred to as the unbanked or underbanked, respectively.