Casting a Magic Spell on SME Lending in the Middle East with Digitalization

The growth of small businesses is a significant contributor to the economic advancement of the countries in the Middle East (ME) region. Currently, the SME segment makes up nearly 9% of the GDP of the Kingdom of Saudi Arabia, and the Saudi Vision 2030 aims to take this up to 22%.

Hence, enabling them with adequate resources and a sturdy credit flow becomes crucial to keep the operations moving. However, there can be several impediments for the SMEs in procuring loans. Only 20% of MENA SMEs have access to a line of credit, according to a report by International Finance Corporation.

Digital banking, from adoption to loan origination, can help overcome most of these barriers. It can bridge the gap in SME financing, making the processes seamless for the organizations and ensuring security and compliance for the banks.

This eBook will help you dive deep into the world of SME lending in the Middle East:

• What loan acquisition challenges do SMEs face
• Why is Digital Transformation a priority for banks in the Middle East
• How Newgen supports digital lending and propels easier access of credit to SMEs