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.
She explained that eTranzact had developed customised digital infrastructure to address these challenges and support business growth.
‘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.
She highlighted the company’s digital payment gateway, Credo by eTranzact, describing it as a business toolkit that enables merchants, SMEs and operators in the informal sector to accept and process payments seamlessly.
Reis also showcased PocketMoni, eTranzact’s mobile money platform licensed by the Central Bank of Nigeria, which allows users to send and receive money, purchase airtime and data, and pay utility bills through their mobile devices.
Representing Yinka Fisher, director-general of SMEDAN, said the town hall meeting was organised to generate ideas and practical solutions that would move MSMEs to the next level.
‘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, Praise Adedigba, who represented the director-general of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), said businesses can no longer rely solely on hard work but must embrace digital capabilities and strategic partnerships.
He said the success of MSMEs would translate into increased productivity, more employment opportunities and shared national prosperity.