Small businesses in South Africa were at a low point on April 10. Cracking under the weight of a nationwide COVID-19 burden, turnover was down by 92% relative to the period before lockdowns went into effect on March 24.
There are now signs that activity is beginning to pick up.
As of May 21, trading within the Small Medium and Micro Enterprises (SMME) sector was at 44% of pre-lockdown levels. That’s according to the Small Business Recovery Monitor launched by Yoco, the South African fintech.
In the last week of April, the Cyril Ramaphosa government eased restrictions by stepping down the lockdown from Level 5 to 4. It was the beginning of a “phased and gradual return to economic activity,” the president said on April 30.
The consequence, according to Yoco’s data, is a gradual uptick in sales for small businesses.
The fintech is able to glean business activity insights from a base of about 80,000 merchants who use its digital small business platform. Founded in 2014, the company offers palm-size point-of-sale devices that small business owners can connect to smartphones and tablets to receive payments.
As the country with the highest number of recorded cases in Africa, South Africa is under the Click here to read entire article
Source:: Tech Cabal