In this age of data, African SMEs are behind in utilizing their financial data to spur their potential, making them lose access to the world of opportunities that data presents.
For instance, over 84% of the 22 million small businesses in Africa identify access to finance as a significant hindrance to their growth; mainly due to the lack of collateral and reliable financial data to prove their creditworthiness.
Also, most SMEs do not keep digital records that provide insight into their business performance leading to decision taking on guts instead of data.