Transforming the Small Business Landscape Digital Payments for Micro and Small Enterprises

Micro-, small-, and medium-sized enterprises (MSMEs) make up over 90% of all firms and account, on average, for 70% of total employment and 50% of GDP worldwide. However, there has been limited data on the uptake and impact of digital payments on small and micro enterprises (MSEs).

Now, new research explores the wide-ranging impacts of digital payments on MSEs, highlighting opportunities for business growth and enhanced security alongside concerns around exclusion, cost, privacy, and fraud. A review of 108 national digital transformation strategies finds that these foundational documents very often overlook the potential for a shift to digital payments to empower MSEs. But in-depth field research in South Africa and Colombia surfaces government initiatives and other forms of coordination targeted at this bloc, while underscoring the complexity of challenges faced formal and informal MSEs, an intrinsically varied group.

During the World Bank/International Monetary Fund Annual Meetings, join ODI and Visa for the launch of “Digital payments and the economic empowerment and inclusion of micro and small enterprises”. The event will feature a presentation of key findings by the report’s author, followed by a panel discussion. The panel includes representatives from the IFC and Visa, moderated by ODI.

Speakers:

Sara Pantuliano - Chief Executive, ODI (Chair)
Adel Meer - Manager, International Finance Corporation
Krista Jones Baptista - Executive Director, Data2X
Cathal Long - Senior Research Fellow, ODI
Chiagozie Nwabuebo - Vice President of Global Growth & Social Impact, Visa
Ana Maria Prieto - Head of Payment Systems, Central Bank of Colombia