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SME Finance
Seven member institutions reported developing and implementing 10 policies to enhance access to formal financial services for small and medium enterprises (SMEs) in 2021. Since 2019, there have been 35 policy reforms introduced by 18 member institutions in the AFI network in this policy area.
HIGHLIGHTS POLICY TRENDS
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10 35
reforms reported by 7 member institutions in 2021
Since 2019, 18 member institutions reported 35 SME-related policy changes
COVID-19 relief, MSMEs access to credit
The majority of the SME-related policies members have reported developing and implementing in the past two years were targeted at providing relief and supporting the recovery of MSMEs from the COVID-19 pandemic. The policies reported by members for 2021 were a continuation of strengthening access to credit by SMEs. For example, the Bank of Ghana implemented a policy to enable SMEs which did not meet the stipulated merchant requirements under the Payment Systems and Service Act 2019 to gain the opportunity to access a merchant account tailored to their specific needs while Banque de la République d'Haiti developed a guaranteed fund for women MSMEs providing access to credit to businesses run by women, and which launched in February 2022.
