SMEs are the backbone of most countries’ economies and are expected - notwithstanding
the barriers they face - to play a critical role in the digital economy in
terms of their contribution to GDP and employment. SMEs are variously defined in
different jurisdictions based on measures such as the number of employees, annual
turnover, and level of fixed investment. Both developed and developing countries’
economies revolve around SMEs, and they are generally seen as engines of economic
growth worldwide. By and large, they constitute the majority of business
establishments in most countries. Despite their importance to most economies,
SMEs face myriad problems, especially in developing countries. Some of these
problems include: lack of access to credit, limited ICT skills, stiff competition from
large enterprises, high cost of technology and connectivity, and limited international
business networks. In order for SMEs to continue to occupy their enviable position
in the economies of most countries, especially in the digital economy, the societies
in which they operate and the enterprises themselves will have to become e-ready
by obtaining modern technological infrastructure, competent ICT skills, access to
credit, and other related factors.