Though 53 per cent of the businesses are not formally registered, the report's authors pointed out that the growth in business owners and businesses may indicate the attention given to developing the micro, small and medium business (MSMEs).

The growth of businesses and enterprise is key as small business are key contributors to job creation, value chain development as well as economic growth.

In Rwanda, to support enterprises, the Ministry of Trade and Industry has developed an Entrepreneurship Development Policy (EDP) to serve in fostering enterprises growth and create impact such as job creation, products diversification among others.

Samuel Kamugisha the Director General of Industry and Entrepreneurship Development at the trade ministry said that the policy which was approved by cabinet in April 2020 supports entrepreneurship, innovation, and enterprise growth and graduation at all stages of the enterprise growth lifecycle, from start-ups to existing MSMEs and large enterprises.

"It aims at developing an effective entrepreneurship support ecosystem that creates the necessary conditions and enablers for Rwandan start-ups, MSMEs, and large enterprises to unleash their entrepreneurial potential and grow dynamic and competitive enterprises that will drive economic growth and job creation contributing therefore to our national economic transformation agenda," he said.