The Ecobank Group has reiterated its commitment to the ‘100,000 MSMEs by 2021’ programme of the African Union Development Agency (AUD) and the New Partnership for Africa’s Development (NEPAD).
Ade Ayeyemi, Chief Executive Officer of Ecobank Group, speaking at the second virtual workshop facilitated by McKinsey on June 11, 2020, confirmed Group’s support in building the digital platform, developing content for the MSME Academy and participating in lending to Micro, Small and Medium Enterprises (MSME) in Africa.
High level representatives from the African Union Commission, regional development banks, development financial institutions, international organisations and African commercial banks agreed to establish the AUDA-NEPAD programme during the session.
AUDA-NEPAD and Ecobank Group will work with like-minded African institutions and businesses to utilise the platform for monitoring and benchmarking, thus allowing members and MSMEs to share experiences, best practices, national policies and challenges, and support African businesses and economies with resources to overcome the challenges posed by the Covid-19 pandemic.
The AUDA-NEPAD MSME programme will have five pillars: AUDA MSME Academy, MSME Financing Support Programme, MSME Marketplace, MSME Micro-Health Insurance Scheme and MSME Digital Platform. These pillars are designed to ensure that African MSMEs are supported to become more resilient, improve their market access and take advantage of technology to tap into the African market of 1.3 billion consumers and leverage the Africa Continental Free Trade Agreement (AfCFTA).
Dr. Ibrahim Assane Mayaki, Chief Executive Officer of AUDA-NEPAD commended the stakeholders for designing the “100,000 MSMEs by 2021” programme, and emphasised the need for them to support the private sector in Africa, to protect employment and create the 440 million jobs the continent will need by 2030.
The AUDA-NEPAD programme will pool African resources, capabilities, financing, market access and technology, to help achieve a continental response to Micro, Small and Medium Enterprises.