eTranzact International Plc has reaffirmed its commitment to supporting the growth of micro, small and medium enterprises (MSMEs) through innovative digital payment solutions, as it deepens its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to improve financial inclusion across the country.
The commitment was made on Wednesday at the SMEDAN/eTranzact Town Hall Engagement with the theme, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation,” held in Lagos.
Speaking at the event, Abimbola Reis, divisional head, Merchant Services, eTranzact, described MSMEs as the backbone of Nigeria’s economy, noting that the country has almost 40 million SMEs that contribute significantly to economic growth and job creation.
She said despite their importance, many businesses continue to struggle with access to finance, inefficient payment systems, poor financial reporting, cash flow challenges and limited digital platforms.
According to her, trust issues also hinder access to finance, while cash-based transactions expose businesses to theft and make payment reconciliation difficult.
