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Tech-driven Finance Solutions Unlock New Avenues for Nigerian MSMEs

Blessing Joseph by Blessing Joseph
October 24, 2023
in Business, News
0
Tech-driven Finance Solutions Unlock New Avenues for Nigerian MSMEs
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A recent study by Stears, in partnership with Fiducia, reveals promising avenues for micro, small, and medium enterprises (MSMEs) in Nigeria. The research highlights the potential of technology-driven financing options and platform-based models to address the current finance gap, estimated at $5.2 trillion by the International Finance Corporation (IFC).

The report, titled ‘Platform-Enabled Alternative Supply-Chain Finance: The Case for Factoring and Reverse Factoring,’ sheds light on the challenges MSMEs face in accessing funds in Nigeria. It also underscores the limitations of traditional supply chain financing methods.

MSMEs constitute a significant portion of global businesses and employment, contributing substantially to emerging economies’ GDP. In advanced economies, they play a vital role in employment, making up 66 percent of the total workforce in G-20 nations.

To bridge the financing gap, disruptive options leveraging technology have emerged. Platform-enabled factoring and reverse factoring offer efficient ways to manage accounts, receivables, and payables, ensuring financial stability. These solutions facilitate seamless and cost-effective transactions, strengthening relationships within the supply chain finance ecosystem.

Imohimi Aig-Imoukhuede, CEO of Fiducia, emphasized the digital supply chain marketplace’s potential as a catalyst for the MSME sector and a new frontier for economic diversification in Nigeria. This study underscores the transformative power of technology-driven financial solutions for the growth and prosperity of Nigerian MSMEs.

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Tags: EntrepreneursFiduciaMSME AfricaMSME News in Nigeria todayMSMEsSMESMEsStears
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