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The critical role small businesses play is being recognized by no less than the United Nations this week. The UN announced Thursday May 11 it would designate June 27, 2017 as Micro, Small and Medium Enterprises Day.

The special designation acknowledges the vital position small businesses occupy in economies around the globe as job creators. The UN will call upon these businesses and other entrepreneurs around the world to create an estimated 600 million jobs worldwide over the next 15 years.

Nigerian startup KiaKia is helping to make direct and peer-to-peer consumer and SME loans accessible and obtainable for underbanked and unbanked Nigerians without credit histories through its online proprietary credit scoring and risk assessment algorithm.

Launched to the public in November of last year, KiaKia aggregates digital data and utilises machine learning, digital image forensics and psychometry to perform credit scoring and risk assessment services, to qualify and grant consumer and SME borrowers loans.

ICICI Bank Ltd., India’s largest private sector bank by consolidated assets, announced the launch of a unique mobile banking app for rural customers that allow them to access banking services as well as information on agri services. Anyone including non-ICICI Bank customers can also download and use the app which is available in eleven Indian languages, the statement released by the bank said.

MicroSave, in partnership with The MasterCard Foundation, today launched a new program to develop tailored training courses in digital financial services (DFS) in francophone markets of Africa. The program is expected to benefit over 250 DFS providers and will focus on the WAEMU region, the Democratic Republic of the Congo, and Madagascar. Additionally, a DFS knowledge portal in French will be launched as the “go-to” place for information on digital financial services.

Saudi banks have helped facilitate funds exceeding SR17 billion to more than 8,500 small and medium-sized enterprises (SMEs) under the Kafala program.
The program aims to promote financial support for Saudi SMEs, said Talat Zaki Hafiz, secretary-general of the media and banking awareness committee at Saudi Banks.

Ripple is proud to announce the addition of several more financial institutions to our growing network. Standard Chartered, National Australia Bank (NAB), Mizuho Financial Group (MHFG), BMO Financial Group, Siam Commercial Bank and Shanghai Huarui Bank are now among the global banks that have adopted Ripple’s settlement technology to improve their cross-border payments and offer their customers improved service.