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Entrepreneurial and Project Studies
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Overcoming the funding dilemma for Small and Medium-Sized Enterprises [SMEs] in Africa to unlock their unrealized potential

DOI: 10.18535/ijsrm/v12i05.eps01· Pages: 61-83· Vol. 13, No. 05, (2025)· Published: May 1, 2025
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Abstract

One of the main causes of failure for African SMEs is their funding dilemma triggered by their failure to access capital, particularly from the formal credit market. While alternative financing solutions have been considered in the past few years, African SMEs are still faced with challenges when it comes to funding, highlighting the importance of this study. The study uses a systematic review approach to synthesize and analyze available literature in an attempt to investigate the involuntary financial exclusion experienced by SMEs in various regions within the African continent. The findings reveal that SMEs suffer from various factors, including those internal to their businesses relating mainly to their lack of financial and management skills and external factors such as the financing requirements of credit history, collateral, etc., as well as other macroeconomic factors hindering their access to finance. The study also highlights that while alternative financing solutions, which rely on digital platforms such as fintech, have the potential to resolve the SMEs’ funding dilemma, they are constrained by regulatory, digital infrastructural, and socio-cultural challenges in Africa. The study proposes a conceptual model to address the funding dilemma of SMEs in Africa, integrating various financing options, government support, providing strategic mentorship, and embedding capacity-building into the operations, all geared towards promoting sustainable business growth.

Keywords

Small and Medium-Sized Enterprises [SMEs]Africasub-Saharan AfricafinancingSkills

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Author details
Vusi S. Mncube
UBS Consulting, Johannesburg
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