Franchising plays a role in formalising informal economies, enabling job creation and unlocking access to capital for entrepreneurs and represents a significant opportunity to unlock inclusive growth across Africa through collaboration and innovation.
By fostering entrepreneurship, enabling access to capital and enabling scalable business models, the sector is well positioned to contribute meaningfully to the continent’s long-term economic development, says Standard Bank South Africa Business and Commercial Banking head of franchising Andre Beck.
Franchising can be supported across the continent by improving access to funding and enabling more entrepreneurs to participate.
In South Africa, the franchising sector contributes about 15% to GDP, while the sector is increasingly contributing to economic activity across the rest of Africa, supporting hundreds of thousands of jobs and enabling entrepreneurship at scale.
Franchising is emerging as a catalyst for economic growth, entrepreneurship and financial inclusion, with the sector demonstrating resilience and adaptability and offering scalable opportunities for small business owners while strengthening value chains across industries in Africa, he says.
