A majority of micro and small enterprises in Zambia are reporting less revenue due to the effects of the ongoing coronavirus outbreak, a new survey by FSD Zambia and BFA Global shows.
Done between June 11 and 17, the rapid online “dipstick” survey sought to find out how Micro and Small Enterprises (MSEs) have been affected by the pandemic.
Overall, 69% of respondents reported a decrease in business revenue generation since the beginning of the coronavirus outbreak, with more men than women reporting a significant decrease.
Respondents included 170 self-employed individuals, merchants, and other micro- and small entrepreneurs of which, 33% were female and 67% were male. More than half were below 30 years of age, mostly hailing from urban areas (71%), and the rest from periurban (28%) and rural (8%) locations.
To cope up with the decreasing revenues, a majority (74%) reduced production or services.
The majority of the respondents also said they have been unsuccessful in raising funds for their businesses to manage the crisis. They have tapped into their savings or approached family and friends for a loan.