Appletree Digital Commerce to offer USD 5 bln to African SMEs

Tuesday 21 June 2022 08:18 CET | News

Ecommerce company Appletree Digital Commerce has launched its One Million African Traders Online (TOMATO) solution to address the lack of opportunities for SMEs available in Africa.

The company provides end-to-end global commerce business-building tools to merchants to help them accept more payment methods and enable commerce capabilities. Its latest TOMATO solution aims to help its services reach a wider scale, especially in the African continent, by funding part of the process.

According to figures from The African Development Bank, the continent’s youth population will more likely double its size, reaching over 850 million people by 2050, with up to 12 million young people expect to enter the workforce every year. However, there aren’t enough job opportunities for youngsters on the continent, and the lack of support for their ideas and entrepreneurial vision affects the region’s economy. 

In an effort to reduce the gap and drive digitalisation and financial inclusion in Africa, Appletree hopes to raise USD 5 billion over the course of the next decade and use the funding to over USD 5,000 in grants for ecommerce solutions to one million African traders. The company already worked close with individuals from Zimbabwe to compile a new project that is set to raise USD 263 million, while simultaneously creating new job opportunities for 38 people.

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Keywords: funding, crowdfunding, SMEs, SME lending, ecommerce, financial inclusion, digitalisation
Categories: Payments & Commerce
Companies: Appletree Digital Commerce
Countries: Africa
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Payments & Commerce

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