Reports reveals higher business failure rate
A recent report on the state of entrepreneurship, launched by the Ministry of Trade in collaboration with MasterCard, IPSOs, and other partners, revealed that only 8% of businesses survive for 15 years or more, with most operating for under 10 years which indicates a high failure rate among startups. To promote business sustainability, the MasterCard Foundation has announced a collaboration with financial institutions and the government, to offer solutions such as improved access to credit and simplified formalization processes to foster long-term success and create a healthier business environment.
