Micro and Small & Medium Enterprises (MSMEs) are one of the strongest drivers of economic development, innovation and employment:
- 131 million or 41% of formal MSMEs in developing countries have unmet financing needs
- MSME finance gap in developing countries is estimated to be approximately US$5 trillion - 1.3 times the current level of MSME lending
- Women-owned businesses comprise 23% of MSMEs and account for 32% of the MSME finance gap Add sources to the above
- According to the World Bank, 1.7 billion adults worldwide lack a bank account
Sources: SME Finance, Global Findex Database