Middle East SMEs need more support from banks, private sector, says PayTabs CEO
Abdulaziz Al Jouf says there has been ‘massive’ change in regional support towards SMEs, but that there remains much more to be done
AbdulAziz Aljouf, CEO of Saudi-based digital payment solutions company PayTabs.
SMEs in the MENA region require additional support from private and banking sectors, as opposed to governments, according to the CEO of Saudi-based digital payment solutions company PayTabs.
Speaking to Arabian Business, Abdulaziz Al Jouf said there is not enough backing and funding for regional SMEs.
“We are not expecting governments to change. We are expecting the layers after the government – the private sectors, the banking industry – to change. And that is hard to do because they always think that SMEs are competing with them,” he said.
Al Jouf went on to compare SMEs to small fish and private companies to bigger fish that have two options: to eat the smaller players or help grow them.