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MasterCard: Ukrainian entrepreneurs believe that the recovery of business will take up to three years

By: Maksim Panasovskiy | 01.08.2022, 17:09

Almost all Ukrainian entrepreneurs who were affected by the war continue to work or are ready to resume their activities.

What is known

The results of a new survey by MasterCard show this. 61% of entrepreneurs continue to work, despite the logistical difficulties and the fall in sales. Meanwhile, 91% of those who have suspended operations are ready to resume them.

In the study MasterCard said that the invasion of Ukraine by Russia significantly reduced the income of small and medium-sized businesses. 78% of respondents note the reduction of sales volumes. At the same time half of entrepreneurs emphasize that their business has reduced by 50-99%.

The new reality forces businessmen to develop adaptation skills. In particular, 17% of the entrepreneurs who decided to transform their business were reoriented to the defense needs of the country. Almost the same number of firms moved to another area, and 13% moved their facilities to other regions of Ukraine or abroad.

41% of businessmen surveyed predict that they will be able to return to pre-war levels within a year. Almost a third (30%) of the interviewed businessmen think that they will need 1-2 years, and about a quarter (23%) of respondents think that it will take them 2-3 years to recover.

In addition, active businesses identify three types of key needs. These are new orders / markets (56%), funds for development (33%), and help with logistical problems (23%). It should be noted that despite all the turmoil, 74% of surveyed entrepreneurs transfer money for the needs of the Armed Forces of Ukraine.

In the study MasterCard indicated that now in Ukraine increases the number of businesses that accept cashless payment for goods / services. If in the first days of large-scale invasion only 8% of entrepreneurs accepted non-cash payments, now the share has grown to 87%. Moreover, 24% of respondents are considering the possibility of accepting cryptocurrency, and 10% are already doing it.

Note that MasterCard company since the beginning of a large-scale invasion in order to support business has turned off the commission interchange for cashless payments in Ukraine. In addition, together with the Ministry of Digital Transformation it opened a consultation center Dia.Biznes in Warsaw for small and medium-sized businesses to help those entrepreneurs who find themselves abroad.

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