Mastercard, Alerzo, and the USAID-funded e-Trade Alliance have joined forces in a transformative initiative to accelerate digital transformation and financial inclusion for over 10,000 micro, small, and medium-sized enterprises (MSMEs) across Nigeria. The program aims to address challenges faced by MSMEs, enhance operational efficiency, and boost their growth in the digital economy.
Tackling MSME Challenges
Nigerian MSMEs often grapple with:
- Complex supply chains.
- Manual inventory management prone to errors.
- Limited access to financial services.
This partnership is designed to eliminate these hurdles through innovative tools and tailored training programs.
Innovative Digital Solutions for MSMEs
The initiative introduces groundbreaking tools and payment solutions to empower MSMEs:
- Alerzoshop: A B2B marketplace enabling seamless procurement and secure digital payments through Mastercard’s global network.
- Veedez: A comprehensive business management tool offering micro-lending services and boosting financial inclusion.
- Payment Technologies: Tools like Tap to Pay, QR codes, Pay-By-Link, and Payment Gateway Services foster digital payment adoption and drive Nigeria toward a cashless economy.
Training and Capacity Building
To ensure lasting impact, the program incorporates financial and digital literacy training for 10,000 MSMEs by the end of 2024. This will equip business owners with the skills to:
- Navigate digital tools efficiently.
- Improve financial management.
- Enhance resilience in challenging economic conditions.
Stakeholder Insights
- Folasade Femi-Lawal (Mastercard): “This initiative empowers MSMEs with tools to thrive in today’s digital economy, driving innovation and inclusivity.”
- Adewale Opaleye (Alerzo): “Our mission is to connect millions of MSMEs to the digital economy, enhancing profitability and advancing a cashless society.”
- Michael Poor (e-Trade Alliance): “This collaboration addresses the core challenges faced by MSMEs, fostering sustainable growth in Nigeria.”
Global and Local Impact
Aligned with Mastercard’s commitment to integrating one billion people and 50 million small businesses into the digital economy by 2025, this partnership underscores the critical role of MSMEs in driving sustainable economic development and financial inclusion across Nigeria.
