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Leading sources of funding among micro, small, and medium enterprises (MSMEs) in Africa in 2023

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Source

Release date

February 2023

Region

Ethiopia, Kenya, Nigeria, South Africa

Survey time period

mid-December 2022 to mid-January 2023

Number of respondents

440 MSMEs*

Method of interview

Computer-assisted telephone interviews (CATI)

Supplementary notes

* Number of businesses from each country: Ethiopia (107), Kenya (110), Nigeria (113), and South Africa (110).

This question was phrased by the source as follows: "What type of financing has your business ever received?"

Citation formats

Leading sources of funding among MSMEs in Africa 2023

Published by Zeynep Dierks, Mar 23, 2023

Between 2022 and 2023, a survey conducted in selected African countries found that the majority of micro, small, and medium enterprises (MSMEs), ** percent, relied exclusively on the funds of their founders. Moreover, ** percent of the firms received financing from family and friends, ** percent from bank loans, and * percent through government funds.

When examining specific countries, the source underlined that Ethiopia had a more communal approach to financing, with ** percent of businesses reporting being funded by family and friends. Bank loans were not a common source of funding for businesses in general. In Kenya, however, a higher percentage of ** percent of businesses had received bank loans at some point during their operations.

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