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Mastercard, Alerzo, and USAID’s e-Trade Alliance Partner to Empower 10,000 Nigerian MSMEs

Blessing Joseph by Blessing Joseph
December 3, 2024
in Business, News
0
Mastercard, Alerzo, and USAID’s e-Trade Alliance Partner to Empower 10,000 Nigerian MSMEs
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To accelerate digital transformation and enhance financial inclusion for micro, small, and medium-sized enterprises (MSMEs) in Nigeria, Mastercard, Alerzo, and the USAID-funded e-Trade Alliance have partnered on a groundbreaking initiative. This collaboration aims to empower over 10,000 MSMEs with innovative digital and financial solutions tailored to address their unique challenges and boost their growth in Nigeria’s digital economy.

Challenges Faced by Nigerian MSMEs

Despite advancements in digital technology, MSMEs in Nigeria encounter:

  • Complex supply chains that hinder operational efficiency.
  • Manual inventory management prone to errors.
  • Limited access to financial services, affecting their ability to scale operations.

This partnership addresses these barriers by introducing cost-effective tools and training programs designed to increase operational efficiency and financial inclusion.

Innovative Solutions for MSMEs

Digital Tools

  1. Alerzoshop
    • A digital B2B marketplace enabling MSMEs to streamline procurement and stock supplies directly via their phones.
    • Facilitates secure and seamless digital payments through Mastercard’s global network.
  2. Veedez
    • A comprehensive digital payment and business management tool that simplifies operations, drives new sales opportunities, and provides financial support through micro-lending services.

Payment Solutions

The initiative introduces user-friendly payment technologies, including:

  • Tap to Pay
  • QR codes
  • Pay-By-Link
  • Payment Gateway Services

These solutions are designed to increase digital payment adoption among MSMEs, fostering a cashless society.

Training and Capacity Building

To maximize the impact, the program incorporates targeted financial and digital literacy training for 10,000 MSMEs by the end of 2024. The training aims to equip business owners with the skills needed to:

  • Navigate digital tools effectively.
  • Improve financial management.
  • Boost their resilience in Nigeria’s challenging economic landscape.

Stakeholders’ Perspectives

  • Folasade Femi-Lawal, Country Manager, West Africa, Mastercard:

    “This collaboration empowers small businesses with the tools and resources needed to thrive in today’s digital economy. It fosters innovation, inclusivity, and sustainable growth for the MSME sector in Nigeria.”

  • Adewale Opaleye, CEO, Alerzo Limited:

    “Our goal is to connect millions of MSMEs to the digital economy, enhancing profitability and facilitating the shift toward a cashless society.”

  • Michael Poor, Senior Manager, Nextrade Group, e-Trade Alliance:

    “By combining expertise in e-commerce and inclusive trade, this initiative aims to address the core challenges faced by MSMEs, driving more sustainable and inclusive growth in Nigeria.”

Strategic Impact

The initiative aligns with Mastercard’s global commitment to integrating one billion people and 50 million micro and small businesses into the digital economy by 2025. By strengthening MSMEs, the partnership not only promotes financial inclusion but also supports sustainable economic development in Nigeria.

 

 

 

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Tags: AlerzoAlerzoshop digital marketplacecashless society Nigeria.EntrepreneursMastercardMastercard Alerzo partnershipMSME AfricaMSME News in Nigeria todayMSMEs financial inclusionNigerian MSMEsNigerian MSMEs digital transformationSMEsUSAID e-Trade AllianceUSAID’s e-Trade AllianceVeedez business tools
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