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One million MSMEs to leverage on collaborating tech firms for financial inclusion

By Juliet Umeh

At least one million micro, small and medium-sized enterprises, MSMEs in Nigeria have been empowered with digital payment tools to advance their business. This is as Technology companies, Mastercard, NetPlusDotCom and Innovectives have said that their partnership have enabled the MSMEs through self-onboarding digital platform, Merchant Digital.

According to the partners, so far, one million MSMEs have been onboarded on the platform that can be accessed online at NetPlusDotCom and Innovectives respectively by all small businesses and micro merchants in Nigeria.
The platform enables Nigerian businesses to accept digital payments through optimized solutions such as Mastercard Quick Response, QR, USSD codes, contactless transactions, point-of-sale terminals and web payment gateways to grow e-commerce.

Also, consumers benefit from added convenience via multi-payment options.
Commenting, Mastercard Area Head, West Africa, Ebehijie Momoh, said: “Partnerships remain an important part of our work to effect financial inclusion in Nigeria and the rest of Africa. Alongside NetPlusDotCom and Innovectives, we are delighted to mark this milestone of empowering one million merchants to seamlessly onboard themselves and benefit from opportunities to accept digital payments and avail credit.

“Bridging the digital divide is key to advancing sustainable growth and given that MSMEs form such a significant, important part of the economy, we are proud to be able to extend our support in this way.
“In April, Mastercard committed to including one billion people into the global digital economy by 2025, including 50 million small businesses. As the impact of COVID-19 became clear, Mastercard also swiftly unveiled a $250 million pledge to support the vitality of small businesses across the globe through financial, technology, product and services support over the next five years.

Also speaking, MD & Founder of NetPlusDotCom, Wole Faroun, said:
“Small businesses increasingly realize that their ability to accept secure digital payments is an essential component of their successful digital transformation, especially given the additional challenges of COVID-19. Digital tools help businesses to drive revenue, lower costs and choose focus areas.

On his part, Group CEO of Innovectives, Emmanuel Agha, opined: “At Innovectives, we have a growth mindset fuelled by the abundance of opportunity for wealth creating solutions in Africa. This partnership is a fantastic opportunity to help Nigerian merchants by providing integrated payment solutions that can also pave the road to obtain credit and financing. We are helping small businesses to grow, flourish and scale,” he said.

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