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Small and Medium Enterprises (SMEs) play a significant role in most economies, especially in developing countries. According to the World Bank and African Development Bank (AfDB) estimates, SMEs constitute about 90% of all businesses and more than 50% of jobs worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies and this goes up to 80% when informal SMEs are included. In emerging markets, 7 out of 10 of all formal jobs are created by SMEs. Regardless, a host of challenges, that include governance, access to finance, access to skilled labour and access to technology still…

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