Ernst & Young (EY) estimates there will be 557,000 SMEs in 2022. Mint’s research indicates that there are roughly 366,000 SMEs on the mainland, which is projected to increase to one million SMEs in the UAE by 2030.
According to the CBUAE annual report 2022, SMEs make up 94.4% of all businesses in the UAE and account for 63.5% of the non-oil GDP. Mint could potentially target 85% of the underserved SMEs in the country’s interior. According to a survey by EY, 62% of SMEs say they need loans more quickly, 72% are looking for reliable advice, 75% want digital onboarding to happen quickly, and 75% want their providers to be excellent at the fundamentals.
“The company’s focus under this partnership is on moving towards advancing financial inclusion and digital transformation, enhancing the lives of underserved individuals and Micro, Small, and Medium Enterprises (MSMEs) across the region,” stated Abdulrazzaq Al Abdullah, Chairman & CEO of Mint Group, in response to the partnership.
He stated that the company has made great progress towards establishing cutting-edge Digital Banking Services in partnership with S2M. The company’s mission is to provide cutting-edge solutions that lower living expenses for people and spur economic growth for businesses.
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