African SMEs’ Performance and Behaviors during COVID-19

Figure 2.2: Type of bank accounts

These replies clearly indicate that opening a company account is much more difcult than opening a personal account and that fees related to company accounts become discouraging for startups to pursue. On a lower scale, some respondents reported that obtaining a personal loan though their personal accounts is much easier than obtaining one through a company account.

Figure 2.3: Personal bank account in SMEs

For those who wrote in other some of the collected responses were:

- “We are preparing for having a business account”. - “Gain credit by fnancial check”. - “I'm in the process of opening a company account, the requirements for my own (personal account) were easier to fulfll”.


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