非洲市场供应链金融的决定因素：释放增长

Determinants of Supply Chain Financein African Markets Unlocking Growth Determinants of Supply Chain Financein African Markets Requests to reproduce excerpts or to photocopy should be addressed to the Copyright All other queries on rights and licences, including subsidiary rights, should be addressed to: United Nations Publications405 East 42nd StreetNew York, New York 10017United States of America The designations employed and the presentation of material on any map in this work do notimply the expression of any opinion whatsoever on the part of the United Nations concerning Mention of any firm or licensed process does not imply the endorsement of the United Nations. This publication has not been formally edited. United Nations publication issued by the United Nations Conference on Trade and Development ISBN: 978-92-1-154578-4eISBN: 978-92-1-159577-2Sales No. E.25.II.D.41 Acknowledgements The report was prepared by Anja Slany, under the supervision of Habiba Ben Barka and theoverall guidance of Junior Davis, of the Division for Africa, Least Developed Countries andSpecial Programmes of UNCTAD. The report benefited from internal review and feedback from Overall layout, graphics and desktop publishing were undertaken by the Division of Conference Abbreviations AfCFTAAfrican Continental Free Trade AreaAICAkaike information criterionERPenterprise resource planningGDPGross domestic productGVCsGlobal value chainsIFCInternational Finance Corporation Table of contents Executive Summary.....................................................................................................................vi 1.Introduction............................................................................................................. 1 2.Supply chain finance trends in Africa................................................................... 3 2.1Definition and forms of supply chain finance...................................................................... 32.2Recent developments of the supply chain finance market in Africa.................................... 6 3.Literature review on determinants of supply chain finance............................. 18 4.1Methodology................................................................................................................... 214.2Descriptive analysis......................................................................................................... 224.3Regression results........................................................................................................... 25 5.Discussion and policy recommendations.......................................................... 30 6.Conclusions.......................................................................................................... 36 References................................................................................................................. 37 Appendix.................................................................................................................... 40 Executive Summary Limited access to finance continues to hinder the growth and competitiveness of small andmedium-sized enterprises (SMEs) across Africa. Supply Chain Finance (SCF)—encompassingboth traditional trade credit and newer, technology-enabled financial products—offers apromising solution to ease liquidity constraints, improve working capital cycles, and This report delivers a comprehensive analysis of SCF patterns, drivers, and opportunitiesin African markets. We draw on recent World Bank enterprise survey data spanning 31countries (2020–2024) and firm-level financials from South African listed companies. Theanalysis distinguishes between direct trade credit—the most common and measurable form Key findings include:• significantly higher trade credit usage than those exporting beyond the continent,highlighting the critical role of regional proximity, trust, and network-basedenforcement mechanisms. Firm characteristics shape SCF access: Female-owned firms, companies withexperienced managers, and businesses that import goods or materials demonstratea higher likelihood of accessing supplier credit. Notably, firm size and foreign SCFworks alongside formal banking:Firms with bank credit access are9.5 percentage points more likely to use trade credit, revealing complementary Sector-specificpatterns emerge:Construction,retail,pharmaceuticals,andmanufacturing lead in trade credit reliance, particularly where extended working The report examines Africa’s evolving SCF landscape, including fintech platforms,blockchain applications, and digital payment systems like the Pan-African Payments andSettlement System (PAPSS). We identify industrial parks and special economic zones as To unlock SCF’s full potential in Africa, the report recommends: Expanding digital SCF platforms for SMEs through strategic fintech partnerships. Strengthening legal and regulatory frameworks to support receiva