Micro, small and medium-sized enterprises (MSMEs) play a key role in competitiveness and economic well-being in developing countries, providing from 60% to 80% of all jobs, generating fiscal revenues while fostering dynamism in the private sector.
Stimulating MSME activity in specific sectors can be instrumental in sustaining efforts to alleviate hunger and bolster food security; improve access to basic health; contribute to inclusive and equitable education; and fortify efforts to empower vulnerable groups of local population.
However, MSMEs typically have limited access to financial services, even though access to such services could be a determining factor in accelerating their contribution to sustainable and inclusive growth. In this regard, policies and capacity building aimed at enhancing financial inclusion of MSMEs are critical.
In response to these challenges, the United Nations Conference on Trade and Development (UNCTAD) will host a Regional Workshop for Financial Inclusion in Africa entitled "Best Policy Practice and Guidelines on Accounting and Insurance Regulation for MSMEs".
The event is organized in cooperation with the National Treasury of the Government of Kenya and with the support of the Institute of Certified Public Accountants of Kenya (ICPAK) and the Association of Chartered Certified Accountants (ACCA).
The objective is to assist decision makers and other key stakeholders in addressing issues of financial inclusion, and in the design and implementation of accounting and insurance policies to help MSMEs grow and prosper.
High-level government officials from African states, heads of entities responsible for accounting and insurance oversight and regulation, senior representatives of standard setter bodies, international development agencies, professional bodies and associations, academia and the private sector, and multilateral organizations working in the areas of financial inclusion, accounting and insurance.
