KARACHI – New research by Mastercard has highlighted the important role of government support in helping small and medium enterprises (SMEs) across the Pakistan, Middle East and Africa (MEA) to recover, position for growth, and contribute to economic prosperity.
In the inaugural Mastercard MEA SME Confidence Index, government support and implementation of effective policies was highlighted as ‘important’ by 88% of the region’s SMEs, 50% of which rated this point as a ‘must-have’ essential.
Mastercard has successfully collaborated with regional governments to create growth opportunities for SMEs, by creating an ecosystem where small businesses can thrive.
In Pakistan, Mastercard partnered with Bank Alfalah and National Bank of Pakistan to provide a safe online donation portal to support those in need during the pandemic for the Covid-19 Pandemic Relief Fund.
Through technology services, cyber assessments, insights, grants, digital training, mentoring platforms and knowledge initiatives, Mastercard will contribute $250 million over five years to support small businesses’ financial security globally. As part of its goal to build a more sustainable and inclusive world, Mastercard has committed to connect 50 million small businesses, including 25 million women entrepreneurs globally, to the digital economy by 2025.
“Collaboration is the key to developing a commercial landscape that is fit for future growth. Through effective partnerships, the public and private sectors can together create a supportive environment where SMEs can thrive. The contribution of small businesses to regional economies is ultimately about much more than the immediate gains to livelihoods – it’s also about the sustainable development of an ecosystem that can advance inclusive growth and prosperity for all. This is why it’s so important that we prioritize public-private partnerships for SME growth, and why we’re putting our technology, expertise and global network to work, helping to develop the infrastructure to connect more people – and more small businesses,” said Valerio Murta, Senior Vice President, Core Products Middle East and Africa, Mastercard.
