What are the barriers that these MSMEs are facing? Is it non-acceptance, high transaction costs, financial illiteracy, or lack of confidence in the financial system?
In the recent years, micro, small, and medium-sized enterprises (MSMEs) and licensed freelancers have been on the rise and have been highlighted to be one of the most important contributors for economic growth.
Yet, most of the financial players in the market did not quickly adapt to the business needs of these entities and were not flexible enough to offer the majority of them affordable financial products and services; including but not limited to basic day-to-day transactions, payment services, saving schemes, credit facilities, and insurance.
When asked about this subject, Rabih Sfeir, Founder and CEO of Yuze said: There is no doubt that both financial institutions and MSMEs have different points of views that are both correct, seen from each of their own perspectives.
MSMEs are perceived as risky, due to lack of credit history, unavailability of proper accounting practices, cash-based operations, and lack of tangible assets.
Financial institutions have limited their exposure and increased their cost of servicing. FinTechs are playing a big role in bridging the gap and offering tools to MSMEs that would in return increase the appetite for additional support by financial institutions.
Sfeir added: We have created Yuze based on our understanding of financial inclusion and the current gap in the market. We will keep you posted for what is coming next!
Yuze Digital is a financial technology platform that spotted this gap in the market, and with the support of its financial partners, is here to serve the majority of MSMEs and freelancers.
Yuze provides simple, compliance friendly yet useful products, services, and tools with an easy app interface supported by a team of professionals to answer any customer query.
About YUZE Digital
YUZE is a financial technology platform and not a bank. Yuze is bringing easy business banking solutions to small businesses, e-traders, and freelancers to help them run the financial aspect of their business efficiently and with ease.
YUZE also aims to give back to the community by actively supporting start-ups and entrepreneurs, so they can take their first steps towards financial independence.
Yuze Digital Limited
Tel: +9714 2669247