Mapping the Growth of MSMEs in Eswatini: 2023 Blended FinScope Survey Moving on to Phase Two
Are you a proud MSME business owner in Eswatini? Your voice and insights matter, and we want to hear from you!
Recall that the Centre for Financial Inclusion (CFI) together with the Ministry of Commerce, Industry and Trade, in partnership with Eswatini Economic Policy Analysis and Research Centre (ESEPARC) and the Central Statistical Office (CSO), is conducting a comprehensive survey to better understand the financial landscape and access to financial services for Micro, Small, and Medium Enterprises (MSMEs) in the country. This survey, known as the FinScope Survey, is a global initiative developed by FinMark Trust (FMT) in South Africa and is conducted in over 30 countries worldwide.
This comprehensive survey aims to map the growth of MSMEs and shed light on the financial landscape and access to financial services for our vibrant community.
With Phase Two in full swing, our ambitious goal is to conduct 3,500 interviews with MSME business owners. The data collected will provide insights on the opportunities and challenges faced by MSMEs, empowering policymakers in Eswatini to respond with initiatives can support the growth and development of the MSME sector.
In phase one (1) the ESEPARC team visited 45,628 households and business structures across Eswatini to determine the number of people who own businesses. About 24.6% of the people reached indicated active business ownership. That means, in Eswatini, 1 in 4 structures is likely to house an enterprising business owner.
So what drives Emaswati to start businesses? Which types of businesses carry a higher potential for growth, transforming into medium and big enterprises? These are the questions that will guide us towards unlocking your true potential in the Eswatini economy.
Ignite Your Business Journey: Participate in the Phase Two of the FinScope Survey…
Now in phase two of the FinScope Survey, out of the countless households and business structures visited, the ESEPARC data collection team is searching for the chosen few – the 3,500 business owners who hold the key to shaping the trajectory of MSME development in our country. For those MSME Business Owners that will be selected in each area visited, they will be representing other similar MSMEs in their area and in the sector of the economy in which they operate. So if you are selected, you are a key player in MSME transformation. Join us, stand proud, and make your voice heard.
Join us and be a catalyst for change!
Participate in our meticulously designed survey questionnaire to provide valuable insights on a wide range of crucial topics. Our survey aims to understand the unique characteristics of small businesses, the state of financial inclusion, the impact of COVID-19, market analysis, funding sources, growth potential and obstacles, risk profiles, income sustainability, access to resources, utilisation of support organisations, comparative insights, constraints, and success factors. By participating, your insights will empower the Government of Eswatini to implement targeted programs to foster growth and transform MSMEs into highly sophisticated and productive entities.
If you are selected, don’t shy away from this extraordinary opportunity. Please don’t run away from our data collectors.
Your business and your ideas about growing your business are critical in shaping the trajectory of MSME development in the country. MSMEs need to flourish and prosper so that can emerge as the lifeblood of our nation’s economy.
Share your valuable insights, experiences, and aspirations, and together, let’s create a better future for our MSME sector.
Understanding the Financial Landscape for MSMEs in Eswatini: The 2023 Blended FinScope MSME Survey in Eswatini
The Centre for Financial Inclusion is currently conducting the 2023 Blended FinScope MSME Survey in Eswatini. This comprehensive survey aims to gain a deeper understanding of the financial landscape and access to financial services for Micro, Small, and Medium Enterprises (MSMEs). By participating in this survey, MSME owners have the opportunity to shape the trajectory of MSME development in the country and provide valuable insights on the opportunities and challenges faced by this vital sector. This article will delve into the significance of the survey, the phases involved, and the potential impact it can have on MSME growth and development in Eswatini.
- Why Bother with the 2023 Blended FinScope MSME Survey:
MSMEs play a crucial role in driving economic growth and creating employment opportunities in Eswatini. However, to effectively support and nurture this sector, policymakers and financial institutions need accurate and up-to-date information about the challenges and opportunities MSMEs face. The Blended FinScope MSME Survey aims to fill this knowledge gap by gathering comprehensive data and insights directly from MSME owners, enabling policymakers to design initiatives that address the sector’s specific needs.
- Phase One: Determining the Number of Business Owners:
The first phase of the survey involved determining the number of business owners in selected areas of Eswatini. This step was crucial in ensuring a representative sample and gathering data from a diverse range of MSMEs. By accurately estimating the number of business owners, the survey can provide a holistic understanding of the MSME landscape and avoid any biases in the subsequent phases.
- Phase Two: In-depth Interviews to Determine Key Issues:
With the number of business owners identified, the second phase of the survey focuses on conducting in-depth interviews with MSME owners. These interviews aim to identify the key issues faced by MSMEs in Eswatini, including financial challenges, regulatory barriers, access to credit, and market opportunities. The insights gained from these interviews will provide a comprehensive understanding of the MSME ecosystem and help policymakers and financial institutions develop targeted interventions.
- Shaping the Trajectory of MSME Development:
By participating in the Blended FinScope MSME Survey, MSME owners have the opportunity to shape the trajectory of MSME development in Eswatini. Their first-hand experiences and insights will inform the design and implementation of policies and initiatives that support the growth and sustainability of MSMEs. This survey ensures that the voices of MSME owners are heard, and their needs are taken into account when formulating strategies to foster an enabling environment for MSMEs.
- Empowering Policymakers with Actionable Insights:
The data and insights generated from the 2023 Blended FinScope MSME Survey will empower policymakers with actionable information to make informed decisions. By understanding the challenges faced by MSMEs, policymakers can implement initiatives that address these issues head-on, such as streamlining regulatory processes, improving access to finance, enhancing business support services, and fostering an ecosystem that promotes innovation and entrepreneurship.
- Mapping the Growth of MSMEs:
The Blended FinScope MSME Survey aims to map the growth of MSMEs in Eswatini over time. By conducting regular surveys, policymakers can track the progress of the sector, identify emerging trends, and evaluate the effectiveness of interventions implemented. This longitudinal approach enables policymakers to adapt and refine their strategies, ensuring that they remain relevant and responsive to the evolving needs of MSMEs.
- Creating Opportunities and Overcoming Challenges:
Through the Blended FinScope MSME Survey, MSME owners have the opportunity to highlight both the opportunities and challenges they face. By sharing their experiences, successes, and obstacles encountered, they contribute to a comprehensive understanding of the MSME landscape. This knowledge will enable policymakers, financial institutions, and other stakeholders to create an environment that maximizes opportunities for MSME growth while addressing the specific challenges faced by these enterprises.
The 2023 Blended FinScope MSME Survey in Eswatini is a critical endeavor that seeks to understand the financial landscape and access to financial services for MSMEs. By participating in this survey, MSME owners can help shape the trajectory of MSME development in the country and provide valuable insights on the opportunities and challenges faced by this vital sector. The survey aims to map the growth of MSMEs and empower policymakers to respond with initiatives that support the sector’s growth and development. With accurate and up-to-date information, policymakers can create an enabling environment for MSMEs to thrive, driving economic growth and creating employment opportunities in Eswatini. MSME business owners should not shy away from participation in such national surveys. Their input is key in transforming the MSME sector, which is a key generator of employment in the economy.Download Infographic