As Nigerian businesses grapple with access to finance, payment inefficiencies and cash-flow pressures, eTranzact International Plc has strengthened its collaboration with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital financial services for Micro, Small and Medium Enterprises (MSMEs).
The fintech company said greater access to appropriate digital payment infrastructure would enable small businesses to operate more efficiently, improve their financial management and expand their contribution to economic growth.
The position was reinforced at the SMEDAN/eTranzact Town Hall Engagement held in Lagos with the theme, “Financial Literacy and Inclusion for MSMEs: Leveraging Fintech Innovation.”
The engagement brought together stakeholders to examine how financial technology could address some of the structural challenges limiting the growth and competitiveness of small businesses.
Speaking at the forum, Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, described MSMEs as the backbone of the Nigerian economy, stressing their importance to employment creation and economic expansion.
According to her, Nigeria has almost 40 million SMEs, making the sector a critical part of efforts to drive inclusive economic development.
However, Reis noted that despite their importance, many small businesses continue to operate under significant financial and technological constraints.
She listed limited access to finance, inefficient payment systems, poor financial reporting, cash-flow challenges and inadequate access to digital platforms among the major obstacles confronting MSMEs.
She said addressing those challenges required financial technology providers to develop solutions tailored to the realities of individual businesses rather than adopting a one-size-fits-all approach.
“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 further explained that eTranzact was deploying digital payment products to help merchants and small businesses participate more effectively in the formal digital economy.
Among the solutions she highlighted was Credo by eTranzact, a digital payment gateway designed to enable merchants, SMEs and operators in the informal sector to accept and process payments.
She also pointed to PocketMoni, the company’s CBN-licensed mobile money platform, which provides services including money transfers, airtime and data purchases and utility payments.
The platforms, she said, form part of the company’s broader effort to make digital financial services more accessible to businesses operating at different levels of the economy.
Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was established to move discussions about MSME development beyond policy conversations and towards practical solutions that businesses could apply.
He said stronger collaboration between public institutions and fintech companies could help widen opportunities for small businesses while improving their capacity to survive 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.
Fisher stressed the importance of continued engagement among stakeholders in addressing the barriers that prevent many MSMEs from reaching their full potential.
He said initiatives focused on financial literacy and inclusion could help business owners make better financial decisions, adopt appropriate digital tools and improve the sustainability of their enterprises.
Also speaking at the event, Dr. Praise Adedigba, who represented the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), urged businesses to embrace digital capabilities and strategic partnerships.
Adedigba noted that the growing importance of technology in business operations made digital adoption increasingly necessary for MSMEs seeking to remain competitive.
He said collaboration between businesses, fintech firms and relevant institutions could provide MSMEs with the tools and knowledge required to improve productivity and scale their operations.
Beyond improving individual enterprises, he said, the development of a stronger MSME sector would have wider implications for the Nigerian economy.
According to him, stronger MSMEs would translate into higher productivity, increased employment opportunities and shared national prosperity.
The stakeholders therefore emphasised the need to sustain partnerships that can improve financial literacy, digital payment adoption and access to financial services, particularly among small businesses and operators in the informal sector.
The engagement also underscored the growing role of fintech innovation in closing gaps in financial inclusion and giving MSMEs greater access to tools that can support day-to-day transactions, financial management and business expansion.
For eTranzact and SMEDAN, the continued partnership is expected to provide a platform for deeper engagement with MSMEs while promoting practical digital solutions capable of supporting the sector’s long-term growth.