Small and medium-sized enterprises (SMEs) form the backbone of the economy: constituting 70% of GDP and 92% of all businesses. This notwithstanding, SMEs in Ghana face various constraints (including limited access to credit facilities and international markets).
SMEs have over the years been very significant to the economic development of most developing countries, especially Ghana. However, despite their growing importance, many SMEs remain underfinanced, limiting their ability to expand, adopt new technologies and compete effectively.
A pan-African payments company Payaza is attempting to address this gap by launching a GH¢15million SME support fund, providing businesses with the financial backing and digital tools needed to scale and thrive.
The initiative – unveilled at the ‘SME Thrive Ghana’ event that also served as the official launch of Payaza in Ghana – is designed to address challenges such as limited access to funding, inadequate digital infrastructure and difficulties in scaling businesses across Africa.
The GH¢15million SME support fund is designed to bridge this gap by providing businesses with the financial backing and digital tools necessary to thrive in an increasingly competitive market.
The fund is structured to support businesses that demonstrate financial activity over a three-month period. Payaza will assess transaction volumes and extend credit worth 25 percent of an SME’s revenue, with no collateral required.
The company is partnering with local financial institutions to facilitate the process. Beyond financial support, Payaza is also focusing on digital transformation for SMEs. The company is offering to create custom websites for businesses at zero cost, addressing concerns about over-reliance on social media platforms for sales and customer engagement.
This initiative is part of Payaza’s broader strategy to help businesses transition from informal operations into structured digital enterprises with increased financial stability.
Founded in 2021, Payaza has expanded rapidly across Africa and beyond. The company operates in 23 countries – including Ghana, Kenya, Nigeria and Côte d’Ivoire – and has obtained regulatory licences in key markets such as the United Arab Emirates (UAE), United Kingdom (UK) and Canada.
The company has so far onboarded 10,000 businesses since its inception. Looking ahead, Payaza plans to replicate its SME support model across multiple African markets.
