eTranzact International Plc has partnered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to strengthen financial inclusion and broaden access to digital financial tools for Micro, Small and Medium Enterprises (MSMEs) across Nigeria.

The partnership was highlighted at the SMEDAN/eTranzact Town Hall Engagement in Lagos, themed “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”

The engagement examined how financial literacy, fintech solutions and digital payment systems can help businesses address challenges affecting their growth and competitiveness.

Speaking at the event, Divisional Head, Merchant Services, eTranzact, Mrs Abimbola Reis, described MSMEs as a major driver of Nigeria’s economy and job creation.

She noted that despite the sector’s importance, many businesses continue to face obstacles including limited access to finance, inefficient payment systems, poor financial reporting, cash flow difficulties and inadequate digital platforms.

Reis also pointed to trust concerns and heavy dependence on cash transactions as barriers to business growth. She explained that cash-based operations can expose businesses to theft while making payment reconciliation more difficult.

She said eTranzact had developed customised digital infrastructure to help businesses tackle these challenges and improve their operations.

“At eTranzact, we build infrastructure to help businesses grow. A lot of our products are customised solutions because we look at the specific challenges businesses are facing. We innovate because we believe small businesses are accelerators of the economy,” she said.

Reis highlighted Credo by eTranzact, the company’s digital payment gateway, which enables merchants, SMEs and informal-sector operators to accept and process payments.

She also introduced PocketMoni, eTranzact’s Central Bank of Nigeria-licensed mobile money platform. The service allows users to transfer and receive funds, purchase airtime and data, and pay utility bills through mobile devices.

Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was organised to generate practical ideas and solutions that could help MSMEs grow and expand.

“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.

Also speaking at the engagement, Dr Praise Adedigba, who represented the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), said businesses must embrace digital capabilities and strategic partnerships to remain competitive.

He said stronger MSMEs would contribute to higher productivity, increased employment opportunities and broader economic prosperity in Nigeria.

The partnership between eTranzact and SMEDAN therefore focuses on leveraging financial literacy, fintech innovation, and digital payment systems to help Nigerian MSMEs address operational challenges and improve their ability to compete and grow.

Source: MSME Africa Online