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{"metadata":{"id":"002f94a1a49e09eed1f036ffcc917a29","source":"gardian_index","url":"https://cgspace.cgiar.org/rest/bitstreams/44942e5b-2800-49c8-8306-8cc192d7a8ae/retrieve"},"pageCount":12,"title":"Improving the business environment for micro, small and medium-sized enterprises in Pacific Island countries Agriculture and nutrition series 33 CTA Technical Brief","keywords":[],"chapters":[{"head":"Introduction","index":1,"paragraphs":[{"index":1,"size":80,"text":"Development of local food crops and fishery value chains for sustaining food systems and enhancing incomes and nutrition in PICs hinges on an enabling environment for the agro-industry -and the private sector as a whole. The potential of agro-based MSMEs to harness innovation, increase economic activity and create employment in support of socio-economic development in the region is undisputed. But, to unleash the potential of these agribusinesses, a conducive and business-friendly environment that promotes entrepreneurship, growth and development is key."},{"index":2,"size":87,"text":"The procedures for starting and operating a business in PICs range from following simple to extremely daunting and costly processes, irrespective of size, economic status, and geographic location. The level of complexity depends on the policy, regulatory and legislative environment of the particular country. These factors not only govern how businesses are formed, operate, grow and evolve; they also determine the way business agreements and contractual arrangements are structured and enforced; the way debt recovery, lending and costumer protection are administered; and how property rights are ascertained."},{"index":3,"size":74,"text":"The World Bank's Ease of Doing Business comparative analysis for 2018 and 2019 (World Bank, 2019) shows a slight improvement for the Solomon Islands, no change for Fiji, and increasing difficulty for Kiribati, RMI, Samoa, Tonga and Vanuatu (Table 1). The assessment indicates a need for reform to make business creation, operations and evolution more attractive to public and private investment, and to support sustainable economic development and growth and social inclusion and improvement."},{"index":4,"size":54,"text":"Improving the business environment for micro, small and medium-sized enterprises in Pacific Island countries Improving the business environment for micro, small and medium-sized enterprises in Pacific Island countries represent up to 88.27% of all enterprises in Samoa 10 and these private businesses play a vital role in supporting ongoing economic development in the country."},{"index":5,"size":133,"text":"As part of the Innov4AgPacific project, the Innovation Grant Facility (IGF) was launched in 2018 through two competitive calls across the seven PICs, targeting fully or majority owned Pacific agro-based SMEs with successful business models. The IGF was designed to help the enterprises speed up the way they access and use knowledge to conceive and develop new and improved products, processes and services that can increase their earnings, create more jobs and build more resilient societies. Sixtyfour SMEs applied for the IGF with their businesses registered as either Sole Proprietor, Limited Liability Companies, Cooperatives, Charitable Trust or Industrial Association. The annual turnover of these SMEs ranged from USD 1,000 to 1 million and the number of employees ranged from 1 to 36 full time employees and from 1 to 30 part time employees."},{"index":6,"size":22,"text":"The business development needs identified through the IGF for use of the funds included: product development, feasibility studies, business and technical advice/"}]},{"head":"Profiling MSMEs and agribusinesses in PICs","index":2,"paragraphs":[{"index":1,"size":99,"text":"There is variation in the categorisation of MSMEs among the seven PICs (Table 2). Formal SMEs contribute more than 50% of global employment and up to 40% of GDP in developing countries 5 . These figures would be significantly higher if the unrecorded informal sector, in which many agroenterprises fall, was also considered. In many of the PICs, there is no legal framework that specifically defines agribusiness, although they are referred to within national MSME frameworks. They are generally defined by the number of employees, annual sales turnover and asset size, and also sometimes described as formal and informal."},{"index":2,"size":105,"text":"Across the region, most farmers and fishermen are classified as micro enterprises while middlemen, logistic agencies, agro-food processors and exporters, and wholesalers and retailers are categorised as SMEs. The vast majority of market vendors are classified as micro enterprises and exist mainly in the informal sector. For example, agribusinesses in Fiji are classified under the SME Act 6 . There are 24,486 formal MSMEs in Fiji but this does not include the informal sector 7 , of which 50% 8 are women-owned and managed 9 . MSMEs Figure 1 shows a breakdown of the proposed use of funds. Grant funding was awarded to 23 SMEs."},{"index":3,"size":35,"text":"Having a clear, legally binding definition of MSMEs -and agro-enterprises in particular -is important for designing policies and programmes and planning tailored interventions that benefit these enterprises. It would also enable benchmarking, nationally and regionally."},{"index":4,"size":73,"text":"One example of the positive return on investing in the MSME development under the IGF can be seen in the experience of Nature's Way Cooperative (NWC). As part of their modernisation programme, NWC introduced a more efficient digital traceability system for growing their export market (see Figure 2). They digitised the grower's supply form and developed a webbased traceability system, which is essential to the export process, thus giving them a competitive edge. "}]},{"head":"Standardising registration procedures for agro-based SMEs to reduce costs for doing business, and more innovative funding mechanisms to support SMEs and farmer organisations to improve value chain and agri-business performance are needed.","index":3,"paragraphs":[{"index":1,"size":4,"text":"Ease of Doing Business:"}]},{"head":"Starting a business","index":4,"paragraphs":[{"index":1,"size":21,"text":"Starting a business in the seven PICs has its challenges as summarised by the comparative analysis against New Zealand (Table 3)."},{"index":2,"size":73,"text":"Agro-food processing, retailing and sales enterprises often require a more stringent process for business licensing, including inspection by a certified health inspector to ensure hygiene and food safety procedures are in place, endorsement by the National Fire Authority on fire proofing and safety, and the approval of the town and rural authorities/municipalities. There is a lack of harmonisation between different municipalities and rural authorities, and a high cost associated with the licensing procedures."},{"index":3,"size":58,"text":"The geographical challenges and dispersed population of the PICs present other constraints. In Kiribati, accessing the government agencies based in South Tarawa, the capital city, is a major challenge for rurally based businesses. Similarly, in Vanuatu, there is minimal access to business development services for the majority of the population (approximately 75%) that is based in rural areas."},{"index":4,"size":71,"text":"Recommended solutions to some of these challenges include harnessing new technologies and digital platforms for facilitating business registration and licensing, strengthening capacity of business development service providers, and developing agribusiness acceleration/ incubation programmes especially for the benefit of rural and remote areas. PICs can also consider leveraging the experience and knowledge of retirees who are communitybased to provide coaching, mentoring and financial management services to MSMEs and agribusinesses at reasonable fees."}]},{"head":"Dealing with construction permits","index":5,"paragraphs":[{"index":1,"size":78,"text":"Dealing with construction permits can be a cumbersome exercise for agribusinesses and other MSMEs in PICs. Besides the number of procedures and vetting institutions, the turnaround time for processing can be as long as 6 months, delaying business commencement. For large-scale poultry, piggery, butchery and food processing factories, special approvals regarding environmental impact assessments, health compliance and waste management plans also need to be incorporated into the master plan for the construction permit to Agriculture and nutrition series"},{"index":2,"size":44,"text":"Improving the business environment for micro, small and medium-sized enterprises in Pacific Island countries be approved. For agro-exporters and food processors, proposed building designs need to align with international standards such as the HACCP certification requirements as a prerequisite for entry into certain markets."},{"index":3,"size":63,"text":"To help address the challenges, PICs need to simplify the business licensing requirements and procedures to minimise the costs for companies and reduce the turnaround time for issuing building permits. Having one agency to process building permit applications would alleviate some of the constraints. In addition, the processes can be automated in a shared online/digital platform which allows electronic submission by applicants, issuance "}]},{"head":"Access to electricity","index":6,"paragraphs":[{"index":1,"size":78,"text":"Accessing a consistent supply of electricity is extremely expensive for agribusinesses and other MSMEs (particularly in Fiji, the Solomon Islands and Vanuatu). Normal grid power connection is not possible for the Pacific archipelago setting and thus represents a unique challenge. This is a problem for agro-based companies that process and store fresh, raw materials and chilled and frozen products, and thus require a consistent power supply. The unreliability of supply can therefore hinder the expansion of such enterprises."}]},{"head":"Registering property","index":7,"paragraphs":[{"index":1,"size":49,"text":"Land ownership is one of the most complex and sensitive issues throughout PICs due to the traditional significance and value it holds as a symbol of heritage and customary ownership. Registering property can facilitate access to finance as it can be used as collateral when applying for bank loans."},{"index":2,"size":27,"text":"In consultation with landowners, governments should consider establishing native and customary digital land registration systems that support individuals and communities interested in using available lands as collateral."}]},{"head":"Access to credit","index":8,"paragraphs":[{"index":1,"size":1,"text":"High "}]},{"head":"Ensure to increase savings into emergency funds and always be in constant communication with your financier.\"","index":9,"paragraphs":[{"index":1,"size":53,"text":"There is critical need for innovation in the financial sector in support of the development of agribusinesses and other MSMEs. This can be achieved if certain regulations are passed to prompt commercial banks to lend a portion of their deposits portfolio to the agriculture and MSME sectors, to support a robust credit/loan ecosystem."}]},{"head":"Paying taxes","index":10,"paragraphs":[{"index":1,"size":6,"text":"Tax policy shapes the business environment."},{"index":2,"size":69,"text":"It generates the revenue needed to fund essential public goods and services. At the same time, it can serve as an incentive or a deterrent to the development and growth of enterprises. Most MSMEs in the PICs are overwhelmed by the number of different taxes and mandatory payments, as well as the total taxes and contribution rates they are required to comply with and the post-filing processes (Table 6)."},{"index":3,"size":86,"text":"Some PICs offer tax incentives to encourage development within the agricultural sector. For example, Tonga offers import duty and consumption tax exemptions for agricultural tools, live animals, stock feed, packaging material, insecticides, pesticides, fungicide, agricultural equipment, seeds, fertiliser and implements including hand tools 12 . In Fiji, MSMEs in the agricultural and fisheries sector with an annual gross or sales revenue below USD 228,500 are exempt from income tax. Tax reforms in the PICs must achieve the revenue, equity, efficiency and simplicity needed for MSME sustainability."}]},{"head":"Trading across borders","index":11,"paragraphs":[{"index":1,"size":55,"text":"Exports are a vital source of economic growth in PICs, impacting foreign exchange earnings, employment creation and income generation. PICs also rely heavily on imports of goods including fuel, machinery and other inputs for manufacturing and services. There are challenges associated with the time, cost and logistical processes of exporting and importing goods and services."},{"index":2,"size":69,"text":"Exporting from RMI is relatively cheap and easy with the total cost of border and documentary compliance averaging USD 318 and the time for completion of the process, estimated to take 84 hours. These are well below the regional averages of USD 491.60 and 144 hours respectively. In May 2017, Fiji ratified and implemented the World Trade Organization Trade Facilitation Agreement (TFA), which contains provisions for expediting the movement,"},{"index":3,"size":14,"text":"Improving the business environment for micro, small and medium-sized enterprises in Pacific Island countries "}]},{"head":"Enforcing contracts","index":12,"paragraphs":[{"index":1,"size":76,"text":"A country's legal process can impact enterprise development in the way the national judicial system resolves civil disputes and overseas enforcement of binding contracts. Table 7 compares the factors involved in enforcing contracts, such as the time taken to file a complaint and the costs incurred, as an indication of the quality of the judicial processes in the seven PICs. As shown, the judicial process can take between 350 and 660 days in the seven PICs."},{"index":2,"size":54,"text":"In Samoa, it takes on average 455 days to enforce a contract and the cost is approximately 24.4% of the value of the claim. The same process in Tonga takes less time at 350 days and costs 30.5% of the value of claim, however, the difference in quality of the judicial process is marginal."},{"index":3,"size":43,"text":"There is need to streamline commercial dispute resolutions and increase the efficiency of enforcement procedures for the benefit of investors and entrepreneurs. Introducing electronic payments and instituting simplified procedures for small claims, as well as setting time limits, should be considered by PICs."}]},{"head":"Resolving insolvency","index":13,"paragraphs":[{"index":1,"size":13,"text":"Reducing the time and costs associated with recovery after insolvency is also important."},{"index":2,"size":71,"text":"Fiji demonstrates a relatively high recovery rate of 43.77%, and the process takes up to 1 year and 10 months. In Vanuatu, recovery takes on average 2.6 years but the recovery rate is slightly higher at 45.2%. In Tonga, recovery takes 2.7 years and the recovery rate is only 28.3%. The recovery cost as a percentage of the estate value is 10% for Fiji, 22% for Tonga and 38% for Vanuatu."}]},{"head":"Conclusion","index":14,"paragraphs":[{"index":1,"size":43,"text":"Pacific MSMEs and especially those operating in the agro-sector play an important role in value chain development and food system sustainability in PICs, but, to realise their full potential, they need an enabling environment that nurtures and facilitates the business set-up and operation."},{"index":2,"size":78,"text":"Harmonising MSME classification is recommended, as well as harnessing new technologies, including digital platforms to simplify various processes for establishing and operating agribusinesses. Greater coordination between the relevant authorities and streamlining the number of agencies involved is also expected to benefit MSMEs by reducing the costs and turnaround times associated with business start-up and operation processes. Reforming the tax regime to make it simpler and to achieve greater efficiency and equity will also favour MSME development and growth."},{"index":3,"size":42,"text":"Increasing funding opportunities for agro-MSMEs is encouraged to provide these businesses with financing for upgrading facilities and products, increasing process efficiencies and accessing technical support. Such funding can facilitate innovation, business modernisation and competitiveness, as seen in the example of Innov4AgPacific's IGF. "}]}],"figures":[{"text":"Figure 1 : Figure 1: Breakdown of 64 Innov4AgPacific IGF applications and the proposed use of funds "},{"text":"Figure 2 : Figure 2: Innov4AgPacific Innovation Grant Facility: Meeting export certification requirements "},{"text":" "},{"text":" "},{"text":"Table 1 : Ease of Doing Business 2019 and 2018 ranking Economy Ranking Ease of Doing # Reforms EconomyRankingEase of Doing# Reforms Business score implemented Business scoreimplemented DB2019 DB2018 DB2019 DB2018 DB2018 DB2019 DB2019DB2018DB2019DB2018DB2018DB2019 Samoa 90 87 63.77 63.76 0 0 Samoa908763.7763.7600 Tonga 91 89 63.59 63.56 0 0 Tonga918963.5963.5600 Vanuatu 94 90 62.87 63.08 0 0 Vanuatu949062.8763.0800 Fiji 101 101 61.15 61.11 1 0 Fiji10110161.1561.1110 Solomon Islands 115 116 59.17 58.84 0 0 Solomon Islands 11511659.1758.8400 RMI 150 149 51.62 51.61 0 0 RMI15014951.6251.6100 Kiribati 158 157 49.07 48.74 0 0 Kiribati15815749.0748.7400 Source: World Bank, 2019 Source: World Bank, 2019 "},{"text":"Table 2 : Classification of SMEs across the seven PICs Country Business size # Employees Annual turnover or total assets CountryBusiness size # EmployeesAnnual turnover or total assets Fiji 1 Micro 5 USD 13,788 Fiji 1Micro5USD 13,788 Small 6 -20 USD 13,788 -45,970 Small6 -20USD 13,788 -45,970 Medium > 20 USD 45,970 -229,802 Medium> 20USD 45,970 -229,802 Solomon Islands 2 Micro 1 -5 < USD 36,450 Solomon Islands 2 Micro1 -5< USD 36,450 Small > 5 -25 USD 36,450 -1.215M Small> 5 -25USD 36,450 -1.215M Medium > 25 -50 USD 1.2M -6.075M Medium> 25 -50USD 1.2M -6.075M Tonga 3 Micro 1 -5 < USD 12,896 Tonga 3Micro1 -5< USD 12,896 Small 6 -15 USD 12,896 -42,985 Small6 -15USD 12,896 -42,985 Medium 16 -25 USD 42,985 -85,970 Medium16 -25USD 42,985 -85,970 Vanuatu 4 Micro 1 -5 USD 34,500 Vanuatu 4Micro1 -5USD 34,500 Small 6 -20 USD 430,000 Small6 -20USD 430,000 Medium 20 -50 USD 1.7M Medium20 -50USD 1.7M Kiribati, RMI, Micro Kiribati, RMI,Micro Samoa Small No data No data SamoaSmallNo dataNo data Medium Medium Source: Innov4AgPacific Project Report, 2019. Unpublished Source: Innov4AgPacific Project Report, 2019. Unpublished "},{"text":"Table 3 : Comparative analysis -starting a business in the seven PICs versus New Zealand Country Country Ranking out of 190 countries Total score Cost (% of income per capita) Number of procedures Time (days) Number of agencies involved Ranking outof 190countriesTotal scoreCost(% of incomeper capita)Number ofproceduresTime(days)Number ofagenciesinvolved New Zealand 1 99.98 0.2% 1 1 1 New Zealand199.980.2%111 Samoa 41 92.56 7.2% 4 6.9 4 Samoa4192.567.2%46.94 Tonga 58 90.88 6.5% 4 16 3 Tonga5890.886.5%4163 RMI 75 88.64 10.6% 5 17 4 RMI7588.6410.6%5174 Solomon Islands 98 85.52 28.1% 7 9 6 Solomon Islands9885.5228.1%796 Vanuatu 132 81.52 20.5% 7 18 5 Vanuatu13281.5220.5%7185 Kiribati 149 78.2 13.5% 7 31 6 Kiribati14978.213.5%7316 Fiji 161 73.39 8.7% 11 40 9 Fiji16173.398.7%11409 "},{"text":"Table 4 : A comparative analysis of the factors involved with business construction permits in the seven PICs versus New Zealand HACCP Certified HACCP Certified NISHI Trading NISHI Trading Facility, Tonga Facility, Tonga Country Rank Total score Cost (% of warehouse value) Number of procedures Time (days) Building quality control index (0-15) Number of agencies involved CountryRankTotal scoreCost (% ofwarehousevalue)Number ofproceduresTime (days)Buildingquality controlindex(0-15)Number ofagenciesinvolved New Zealand 6 86.4 2.2% 11 1 15.0 5 New Zealand686.42.2%11115.05 Samoa 16 81.05 1.8% 13 6.9 12.0 4 Samoa1681.051.8%136.912.04 Tonga 53 73.6 1.2% 13 16 8.0 4 Tonga5373.61.2%13168.04 RMI 73 71.23 2.1% 7 17 1.0 4 RMI7371.232.1%7171.04 Solomon Islands 90 68.7 0.8% 18 9 6.0 7 Solomon Islands 9068.70.8%1896.07 Vanuatu 102 67.72 0.5% 15 18 7.0 7 Vanuatu10267.720.5%15187.07 Kiribati 117 65.73 0.3% 15 31 6.0 8 Kiribati11765.730.3%15316.08 Fiji 147 58.09 7.3% 14 40 5.0 9 Fiji14758.097.3%14405.09 Source: World Bank, 2019 Source: World Bank, 2019 "},{"text":"Table 5 : A comparative analysis of the factors involved when accessing electricity in the seven PICs versus New Zealand Country Rank Total score Number of procedures Time (days) Cost (% of income per capita) Reliability of supply and transparency of tariff index (0-8) Number of agencies involved CountryRankTotal scoreNumber ofproceduresTime (days)Cost (% of incomeper capita)Reliability ofsupply andtransparency oftariff index (0-8)Number ofagencies involved New Zealand 5 83.98 5 58 68 7.0 3 New Zealand583.98558687.03 Samoa 65 79.7 4 34 615.1 4.0 1 Samoa6579.7434615.14.01 Tonga 90 73.18 5 42 83 3.0 2 Tonga9073.18542833.02 Solomon Islands 92 72.5 4 53 1238.9 3.0 1 Solomon Islands 9272.54531238.9 3.01 Fiji 93 72.45 4 81 1307.7 4.0 1 Fiji9372.454811307.7 4.01 Vanuatu 107 69.05 4 120 1035.1 4.0 1 Vanuatu10769.0541201035.1 4.01 RMI 132 59.47 5 67 606.2 0.0 1 RMI13259.47567606.20.01 Kiribati 170 44.05 6 97 3196.1 0.0 3 Kiribati17044.056973196.1 0.03 Source: World Bank, 2019 Source: World Bank, 2019 "},{"text":"Table 6 : Comparative analysis of paying taxes in the seven PICs versus New Zealand Country Country Rank Score Number of payments (annually) Time (hours per year) Total tax and contribution rate (% of profit) Post-filing index (0-100) RankScoreNumber ofpayments(annually)Time (hours peryear)Total tax andcontribution rate(% of profit)Post-filing index(0-100) New Zealand 10 91.08 7 140 34.60 96.9 New Zealand1091.08714034.6096.9 Solomon Islands 38 83.71 34 80 32.00 100 Solomon Islands 3883.71348032.00100 Vanuatu 58 77.85 31 120 8.50 69.04 Vanuatu5877.85311208.5069.04 RMI 70 76.21 9 56 65.70 0.0 RMI7076.2195665.700.0 Samoa 74 75.71 37 224 19.30 86.55 Samoa7475.713722419.3086.55 Kiribati 96 71.42 11 168 32.7 26.68 Kiribati9671.421116832.726.68 Fiji 98 71.02 38 247 32.2 81.62 Fiji9871.023824732.281.62 Tonga 100 70.56 30 200 27.5 52.53 Tonga10070.563020027.552.53 Source: World Bank, 2019 Source: World Bank, 2019 "},{"text":"My key messages for businesses include: minimise unnecessary costs, maximise the use of traditional knowledge and skills. It is important that you seek technical advice where necessary. "},{"text":"Table 7 : A comparative analysis of the factors involved when enforcing contracts in the seven PICs versus New Zealand Country Rank Score Time (days) Cost (% of claim value) Quality of judicial processes index (0-18) Claim value (in USD) CountryRankScoreTime (days)Cost (% of claimvalue)Quality of judicialprocesses index(0-18)Claim value(in USD) New Zealand 21 71.48 216 27.2 9.5 - New Zealand2171.4821627.29.5- Samoa 86 58.59 455 24.4 5.5 7727 Samoa8658.5945524.45.57727 Tonga 94 57.32 350 30.5 4.5 7110 Tonga9457.3235030.54.57110 Fiji 96 57.05 397 42.6 7.5 9472 Fiji9657.0539742.67.59472 RMI 103 55.93 616 32.1 8.0 8943 RMI10355.9361632.18.08943 Kiribati 120 53.39 660 25.8 6.0 4462 Kiribati12053.3966025.86.04462 Vanuatu 136 49.27 430 56 6.5 5340 Vanuatu13649.27430566.55340 Solomon Islands 156 43.49 497 78.9 9.0 5133 Solomon Islands 15643.4949778.99.05133 "}],"sieverID":"48fae635-f9ed-4f30-a69a-e9fa2b704607","abstract":"n Establishing and running a business, especially an agro-based micro, small and medium-sized enterprise (MSME) in Pacific Island countries (PICs) is not easy. There are multiple procedures to be followed; some simple and others very complex. Agro-enterprises also have to conform to stringent hygiene and food safety standards.n The majority of agro-based MSMEs operate in the informal sector despite their contribution to the Gross Domestic Product (GDP) of PICs.n For the seven PICs featured in this brief, the country that faces the most difficult challenges in terms of doing business is Kiribati, followed by the Republic of the Marshall Islands (RMI), the Solomon Islands, Fiji, Vanuatu, Tonga, and Samoa, according to the 2019 World Bank ranking.n Across all PICs, several institutions are involved in registering a business, and the process can take 9-40 days to complete. The policy and legislative frameworks governing MSMEs need to be reformed.n The relatively high interest rates for accessing a loan, especially from commercial banks, is also a major barrier to MSME development and growth. Novel financial instruments, such as innovation grants, offer opportunities for enhancing agroenterprise performance.Agriculture and nutrition series Improving the business environment for micro, small and medium-sized enterprises in Pacific Island countries Key recommendations n Harmonise classification and tailor policies, regulations, standards and procedures governing the type of MSMEs, especially of agribusinesses, at the national and regional levels, taking into consideration the difference in size and scope and contribution to GDP. For instance, the cost for obtaining and renewing a business license for MSMEs should be lower than for large corporate entities. n Consider government subsidies for meeting the high cost of the Hazard Analysis and Critical Control Point (HACCP) and other certification schemes to meet export requirements. n Enable better collaboration between the relevant government agencies and departments involved in registering, monitoring and certifying business premises. Facilitate electronic submission of applications to accelerate processing procedures, with special attention for rural enterprises. n Adopt innovative policies and mechanisms that reduce taxation and strengthen business incubation programmes. n Increase access to financing, especially for agro-based MSMEs to foster growth. Incentivise financiers to offer small grants to MSMEs. The Innovation Grant Facility of the Innov4AgPacific Project has shown that small investments assist SMEs to innovate and take their businesses to the next level. n Stimulate the development and implementation of innovative ICT applications (e.g. mobile money apps, farm traceability apps etc.) to assist MSMEs in capturing data and recording business transactions to build financial profiles, product traceability systems and trust with financiers, suppliers and consumers."} |