SMEs are critical for jobs, World Bank helps with strategy

The World Bank Group says micro, small and medium-sized enterprises account for 90% of businesses worldwide and provide 75% of jobs in developing countries. However, many struggle to access finance to grow. The organisation has introduced a new strategy to expand funding for these businesses, using digital payments, transaction records and other data to help lenders assess businesses without traditional credit histories or collateral. World Bank Group President Ajay Banga says digitalisation can open up financing opportunities for businesses that have long been excluded from formal lending.

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