Global payment platform Mastercard has signed a Memorandum of Understanding (MoU) with the Lagos State Employment Trust Fund (LSETF) to provide micro, small and medium enterprises (MSMEs) with access to digital, payment and training tools.
In accordance with the terms of the Memorandum of Understanding, LSETF will make use of Mastercard’s technological advancements, industry knowledge, partnerships, training programs, and cyber intelligence solutions to enhance the business environment through entrepreneurship, employability, skill development, and financial inclusion.
The essence of the MoU, according to the Executive Secretary of the LSETF, Mrs. Teju Abisoye, is that the collaboration will enable people and businesses to capitalize on the numerous opportunities brought on by the proper tools that would be made available. She uttered:
“Nigeria, like most developing countries, contends with unemployment, and entrepreneurship remains a viable option to empowering residents with jobs and wealth creation opportunities. Our collaboration with Mastercard will have a significant impact on the way MSMEs operate, equipping business owners with innovative tools and knowledge.”
“Not only will this assist our vision to achieve digital financial inclusion for MSMEs, but also help us foster the adoption of innovation within the vibrant Lagos business ecosystem,” she added.
Specifically, Mastercard will collaborate with LSETF to provide SME-in-a-Box – a new low-cost payments solution that enables small business owners to move their businesses online and accept a range of digital payments from their customers, moving beyond person-to-person payments. Mastercard will also provide advisory and technical support to advance this digital-first strategy per local and global best practices.
This was made known by the Country Manager & Area Business Head, West Africa, of Mastercard, Ebehijie Momoh. In his remarks, he added that the partnership offers the opportunity for MSMEs to grow and access the resources needed for survival in a challenging time where these resources have become scarce.
He said: “Despite the critical role MSMEs play in the socio-economic development of Nigeria, we recognise that they face numerous hurdles that negatively affect their sustained growth, including limited to no access to funding, business training, formal credit, infrastructure deficit, and more.”
“The MoU fosters multiple growth opportunities for MSMEs and ultimately equips them to become active participants in the digital economy by providing technologically innovative environments for fintech startups and multiple opportunities to leverage Mastercard’s assets”, he says.
With SME-in-a-Box, business owners will gain access to a wide range of financial services and payment options (contactless and QR payments) quickly and easily through a single intuitive app compatible with all NFC-enabled devices. In addition, through its Simplify Commerce offering, Mastercard will equip SMEs with a plug-&-play e-commerce store builder with instant online checkout.
