Fintech platform, Traction has announced the launch of its business solution suite, Grow with Traction, to support the growth of Micro, Small and Medium-sized Enterprises (MSMEs) and Entrepreneurs in Africa.
As a business that has grown over the last few years to cater to over 50,000 businesses in various cities including Lagos, Ibadan, Abuja, Aba and Kaduna, and with a vision to further expand to over 300,000 businesses in 2023; Traction keeps seeking solutions to address customer pain points across various business segments.
Grow with Traction is a platform with four solutions, Business Diagnostics, Business registration, an event plug-in, and a free magazine feature targeted at supporting business owners with innovative solutions that support their opportunities for growth and expansion. Grow With Traction will continue to expand to feature more products for business owners in Africa.
The business landscape is evolving, and more businesses seek support in various areas that better position them for growth and expansion.
The business diagnostics tool is a free feature that entrepreneurs can use all year round to review critical areas of their business, including the company mission, marketing, operations, finance, and people operations. At the same time, the business formalization feature enables business owners to register their business names and companies within 3 to 7 days in a fully digital process.
The event plug-in feature known as Bazaar is a shopping and retail experience – partners of the Traction brand – focused on driving sales and brand visibility through accessible shopping stalls for business owners who use Traction products. The event commenced in 2022 and has since featured in Lagos and Abuja, with more plans to scale in other Nigerian cities in 2023.
Seyi Xodus, the Project Manager of Bazaar Nigeria, said, “Bazaar Nigeria is a platform we put together to bring SMEs closer to their target market. For attendants, it takes the Instagram vendor off your phone screen and into a physical setup where you can test or see what you want to purchase before completing the transaction. The first edition was in Lagos, and the second was in Abuja, with vendors selling out in both editions.
We look forward to taking it to other states across the country and to continue providing an avenue for business owners to grow their sales.”
The fourth solution under the Grow with traction suite features a free magazine feature in Lost in the City (also known as Lost in Lagos) magazine. Business owners can get featured in the physical and digital versions of the magazine and reach more customers with the free advert powered by Traction.
Grow with Traction fulfills Traction’s vision to be a one-stop solution platform for all MSME needs. Co-founder of Traction, Dolapo Adejuyigbe, said “We are focusing on going beyond the traditional offerings for businesses such as payments and loans. We are expanding beyond payments to develop products and services targeted at the seemingly small issues that business owners face.”
He added, “business registration is still a hassle, and there is still a good number of businesses that are not formalized, just because of the long processes. We are fixing that. With the business diagnostics tool, business owners can receive insights about the strengths and weaknesses of their businesses in minutes and can deduce what to fix to optimize their business for profitability and efficiency. The Grow with Traction platform is not static and will continue to expand to include more products as we listen to the needs of our customers.”
Business owners can access Grow with Traction by downloading the Traction app from the Google Playstore, and also visit grow.tractionapps.co to learn more.