Digitalization readiness key to unlocking SME growth potential in Middle East & Africa, says new Mastercard white paper

Digitalization readiness key to unlocking SME growth potential in Middle East & Africa, says new Mastercard white paper

• SMEs say digitalization is essential to staying competitive in a transformed business and economic environment Riyadh, KSA; December 12, 2021: Small and medium enterprises (SMEs) across the Middle East and Africa (MEA) region are recognizing digitalization as essentialto staying competitive in a transformed business andeconomic environment. The insight is one of many in a new white paper by payments technology leader Mastercard, which explores the way small businesses are viewing digital payments, online presence and the benefits of an evolving cashless economy. The white paper , titled ‘The Digital SME: How Are Small and Medium Enterprises in the Middle East and Africa Embracing a Digital Future?’, is an in-depth follow-on study from the data-rich Mastercard MEA SME Confidence Index 2021. This piece of research released findings about the importance of digitalization and rising confidence levels as SMEs across sectors, products, and services in the region, adapt to the new and evolving economic landscape. It revealed that SMEs in MEA recognize faster access to revenue as the biggest benefit of a cashless economy to their business (44%). Other benefits identified include the ease of not handling or processing cash(50%) and having more convenient ways of paying suppliers and employees (50%).