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Tag: MSME

  • BOI, Bumpa to boost MSME digital access

    BOI, Bumpa to boost MSME digital access

    The Bank of Industry (BOI) has signed a Memorandum of Understanding (MoU) with digital commerce platform, Bumpa, to enhance digital market access and e-commerce adoption among youth-led Micro, Small and Medium Enterprises (MSMEs).

    The partnership, launched yesterday at BOI’s Lagos headquarters, is aimed at accelerating job creation and supporting the Federal Government’s drive towards a $1 trillion economy by 2030.

    Speaking at the signing ceremony, Managing Director, Bank of Industry (BOI), Dr. Olasupo Olusi, represented by the Executive Director, Risk and Technology, Mr. Oluwatoyin Edu, said the collaboration reinforces the bank’s commitment to expanding market opportunities for young entrepreneurs and equipping them with digital tools to scale.

     “Today’s launch is more than a formal agreement; it is a shared commitment to innovation, inclusion and impact. We believe that meaningful partnerships like this are essential to unlocking Nigeria’s entrepreneurial potential and driving the vision of a $1 trillion economy by 2030,” Olusi stated.

    Olusi noted that the partnership aligns with BOI’s 2025–2027 Corporate Strategy, where “Youth at Scale” is one of six thematic areas designed to support youth-led enterprises, foster technology-driven growth and deepen impact across Nigeria’s entrepreneurial ecosystem.

    He commended Bumpa’s mobile-first platform for helping thousands of MSMEs digitise their operations and reach wider markets without significant overhead costs.

    “Bumpa has become a trusted ally for small businesses seeking to grow beyond their immediate environment, including those at the grassroots. This is the kind of innovation that drives sustainable economic transformation,” he added.

    On his part, Bumpa’s Chief Executive Officer, Kelvin Umechukwu, lauded BOI’s commitment to youth entrepreneurship, describing the initiative as a transformative step that brings global-level digital access to Nigerian MSMEs.

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    “BOI saw that this is not just an opportunity for large corporations but also for small businesses. The same digital tools used by companies in the United States or Canada are now available to Nigerian entrepreneurs through their phones. This levels the playing field and allows local brands to compete globally,” Umechukwu said.

    He disclosed that under the new partnership, 200 small business owners will receive hands-on support within six months to adopt digital tools and integrate technology into their day-to-day operations. The programme will also track impact indicators such as job creation, revenue growth, and business scalability.

    In her remarks, Technical Advisor to the Managing Director and one of BOI’s Youth and Skills Thematic Champions, Aderonke Akinluyi, said MSMEs are central to Nigeria’s economic resilience, contributing about 48 per cent of GDP and employing 84 per cent of the workforce.

    She explained that while MSMEs remain critical to job creation, many still face challenges in accessing finance and markets, gaps the new BOI-Bumpa initiative directly addresses.

    “This partnership is designed to help youth-led businesses sell smarter, scale further and reach wider markets through digital and e-commerce possibilities,” Akinluyi stated.

    The BOI-Bumpa partnership underscores the growing importance of technology in strengthening Nigeria’s MSME landscape and aligns with the Federal Government’s Renewed Hope Agenda on skills development, entrepreneurship, and inclusive growth.

  • ‘How to close MSMEs $5.7 trillion financing gap’

    ‘How to close MSMEs $5.7 trillion financing gap’

    Investing in micro, small, medium enterprises (MSMEs) and early-stage fintech companies to meet the needs of financially underserved people globally is one strategy of promoting global financial inclusion.

    According to the Global Findex 2025, globally, 1.6 billion people do not have an account with a financial institution or have an inactive account while the $5.7 trillion annual financing gap for micro, small, and medium-sized businesses represents a huge market opportunity for innovative startups ready to disrupt the traditional financial system.

    Determined to close this yawning gap, Accion Ventures, a global nonprofit on a mission to create a fair and inclusive economy for the nearly two billion people that have been let down by the global financial system, closed a $61.6 million fund that will invest in early-stage fintech companies meeting the needs of financially underserved people globally.

    According to an emailed report, the Fund closed with commitments from both existing and new investors, including commercial and impact asset managers, development finance institutions, foundations, family offices, and strategic financial service companies. Limited Partners in the fund include the Dutch entrepreneurial development bank FMO, Proparco, ImpactAssets, Ford Foundation, MetLife Asset Management, Mastercard Worldwide. The most recent initial investments by the new fund are PaidHR in Nigeria, Foyer in the United States, FinFra in Indonesia, and Flowcart in Kenya.

    With the launch of the new fund, Accion Impact Management’s early-stage fintech strategy has rebranded from Accion Venture Lab to Accion Ventures. Accion Ventures finds innovative tech companies that promote financial inclusion around the globe and have the potential to generate attractive returns. Bringing a deep understanding of local customers and markets, combined with global learnings, the team behind Accion Ventures supports investments across Africa, South and Southeast Asia, Latin America, and the United States.

    Since the investment strategy was established in 2012, Accion Ventures has deployed $59.4 million in 76 companies across 39 countries and had 13 exits across all geographies. The three most recent exits were Apollo Agriculture, a company providing tech-enabled inputs, financing, insurance, and training to smallholder farmers in Kenya and Zambia; Lula, an alldigital small business lender and bank account provider for small and medium enterprises in South Africa; and Pula, a company providing agricultural insurtech solutions to smallholder farmers across Africa and Asia.

    Beyond deploying capital, Accion Ventures provides hands-on support to startups across the critical areas of a fintech lifecycle, including access to market expertise, board governance, networking to open doors in typically limited debt and equity funding environments, and strategic and operational guidance from a dedicated Portfolio Engagement team, drawn from expertise as international investors and operators of tech companies.

    Commenting on the development, President and CEO of Accion, Michael Schlein, said: “With the huge uptick in mobile technologies in emerging economies, we see a significant opportunity to connect many small businesses and low-income consumers to the digital economy for the first time. Leveraging third-party capital to deliver social and financial objectives is a critical part of Accion’s strategy.

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     “This fund seeks to support the growth of early-stage, disruptive companies providing high-quality, affordable financial services that can help reduce poverty and create opportunity for millions of people globally.”

    Managing Partner, Accion Ventures, Rahil Rangwala, expressed delight at supporting innovators in their early stages.

    “We are excited to support the growth of incredible innovators across the globe in early-stage fintech who are using new technology ranging from Gen AI to satellite imagery and embedded finance, leveraging the power of mobile phones and the internet to deliver sustainable financial returns, alongside real world impact for underserved people globally. We have a strong pipeline and team in place and will continue to leverage our networks to deliver quality, affordable financial services for small businesses and consumers globally,” Rangwala said.

    Amee Parbhoo, Managing Partner, Accion Ventures, said: “With this new funding, we will build on our success to date, finding and scaling some of the world’s most innovative fintech companies that provide a full suite of financial products and services to small businesses globally. Our global portfolio and local approach mean we can spot and respond to trends faster, driving local innovations on a global scale, and share learnings across geographies. We aim to be one of the first institutional checks a company receives and will continue to engage early, while maintaining sufficient reserves to back our winners as they scale.”

  • Advocating a sustainable MSME ecosystem

    Advocating a sustainable MSME ecosystem

    • By Akintunde Maberu

    It is incredible that a whopping sum of N1.3 trillion could be raised by 600,000 Nigerians over nine months that CIBEX lasted. If the scam had lasted for another nine months, perhaps the sum of N3.9t would have been involved by 1.8m Nigerians because such scheme is always designed to run in geometric progression and not arithmetic addition. Is it because there is no productive endeavour where such amount could be channelled?

    The answer is no. Many of the participants were gainfully engaged but prefer to seek fortune where none exist. What draws them together was greed. Yes, greed is the common denominator that attracted the like minds like moths attracted by deceptive light.

    Unfortunately, five years from now, another set of greedy Nigerians may also fall victim to such scam of fortune hunting. The greedy will always attract their senior cousin – swindlers. True, swindlers exist in all societies but their scamming activities are often curtailed with strict regulation by government and its agencies which make them harmless. Therefore, CIBEX will not be the last if nothing is done by government agencies responsible to intervene appropriately otherwise the cyclical nature of such scheme will continue to reoccur.

     There are guided investment outlets, financial markets and exchanges regulated by government agencies in most developed jurisdictions where those who seek alternate income or additional income can make wealth for themselves. If Nigeria’s CIBEX participants were introduced to such outlets, it is doubtful if 20% of them would be satisfied with the return profile of such investment. Though, few of them might give it a shot. It is because of this few that the Securities and Exchange Commission (SEC) should come in and provide the needed framework for such.

    It is instructive that many of CIBEX participants are youths and quite a number of those who trade digital currencies and crypto are also youths. Today’s youth live literarily in the sky and SEC should meet them at their space by developing or encouraging stockbrokers to come up with digitally regulated software that will enable youths to trade equities and bonds in their digital space.

    Create micro stockbrokers just as we have microfinance, micro insurance, micro pension etc. I suggested this idea in 2017 in one of SEC training programs in their office. You will be surprised what creativity and innovation can bring about. Let us help the youths to help themselves in seeking wealth through genuine and government regulated investment outlets.

    Since we also have a number of the participants who complained about the difficulties they face in the entrepreneurial endeavours, the government agencies particularly the ministries that have responsibilities for trade, commerce, agriculture and economic policies should do more by removing inhibitors to productive endeavours. There should be data as useful resource material that makes planning easier. Such data should provide us with the estimate of the number of start-ups that grew up to the next level of scale-up in their businesses particularly those who have been financially supported by government. It is unfortunate that successive government at the centre and at the state levels make the same mistake of not providing follow-up and monitoring of those who have benefitted from government loans. Government-generated entrepreneurs who are beneficiaries of helpful programs are not monitored to know how they are faring.

    Many state governments provide handouts in terms of funding, tools, equipment and sometimes machines as empowerment after some form of skill acquisition and training. But as laudable as such programs are, they lack the key aspect which is follow-up, monitoring and technical support. This is why many start-ups die before their third year in Nigeria. 

    How many of the government-generated entrepreneurs successfully move from the informal sector to the formal sector where they are able to provide returns to the same government in terms of payment of taxes? Why is it that supportive programs for the Micro, Small, and Medium enterprises (MSME) that works well in other countries tend to totter and most times fail in Nigeria? Are we to continue the copy and paste models of developed world instead of fashioning what is indigenous to us?

    Let us take just one amongst the supportive programmes – Access to finance for the MSMEs. A lot of special funding institutions that work elsewhere and still do till today, failed in Nigeria. Examples are Peoples’ Bank, Community Bank, Co-operative Bank etc. – though we are happy now that the microfinance model has come to stay after innovating it to our environment. The microfinance banks provide short-term fund for existing businesses and it is not suitable for start-ups. Again, the Development Bank of Nigeria and the proposed MSME Development Bank being proposed by the African Development Bank through Akinwunmi Adesina, is laudable and commendable.

    To create jobs and grow our Gross Domestic Product (GDP) to an enviable level, attention must be turned to the MSMEs; they are the bedrock of any economy in the world. As employers of labour, the MSME contribute 96% of the total work force in Nigeria while the global figure of their contribution is 70%. They stimulate investment, encourage technological development, earn foreign exchange from export etc. Government needs to establish cottage industrial parks, hubs, business clusters and incubation centres.

    The challenges associated with MSME is not limited to Nigeria but are often eased off gradually in other climes with intervention projects. The known business inhibitors in the country aside access to funds and access to market, are difficulty in getting approvals from regulatory agencies, high cost of doing business, unstable government policies, irregular power supply and lack of access roads for agro-allied products.

     The MSME is also the economic renaissance for most developing nations of the world. How each country then approaches its development is dependent on the growth trajectory it wishes to attain over a specific period of time. In the United States during the tenor of President Barrack Obama, 8.1m jobs were created in a period of eight years which translates to 84,375 per month – a record in US history. The government employees that facilitated this in the US is about half of our own civil service workers. Civil service employees in the UK as at 2022 is about 430,750 compared with 720,000 in Nigeria in that year.

    The amount of jobs that we need to create annually, given our population size of 220m and a growth rate of 2.5% is about 4.4m. For each state including the Federal Capital Territory, it is about 118,918 per state or 5,684 per local government. We can meet this milestone with proper planning of MSME as our bedrock.

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    The phases of entrepreneurship are (1) Ideation (2) Start-up, (3) Scale-up, (4) Grow-up and (5) Blossom. The phase between start-up and scale-up is what needs the most attention. Government support that is needed is in two folds: The first is development loans of single interest rate for a period of five years. The second and most important is technical support to be provided by government licensed Business Development Services Provider (BDSP) with expertise in related field. The BDSP consultant is to give mentorship/coaching, follow-up and monitoring. His job provides ready source of empirical data. An entrepreneur that has scaled-up has attained a breakthrough and would grow into other phases progressing into light industry.

     In the US, BDSP has grades just as in South Korea. The Koreans even went further that no business should fail when they assist tottering business by changing its BDSP with a higher grade BDSP. In Nigeria, what constrained us is attitudinal. That is our peculiarity which demands a shift in thinking, a re-orientation of the mind-set in our approach to issues that confound us. We should grow to share values and not to self-value.

    • Maberu is an investment banker and BDSP expert. He writes via abusiventures2013@gmail.com
  • MSME players decry unfriendly policies, multiple taxation, others

    MSME players decry unfriendly policies, multiple taxation, others

    • Entrepreneurs seek access to interest-free loans

    Small business owners have said Micro, Small and Medium Enterprises (MSMEs) in the country lack friendly policies that can make them thrive.

    They decried the prevalence of multiple taxations in many instances, saying easy access to finance and interest-free loans to help the ease of doing business were almost non-existent.

    The business owners spoke at an international summit and exhibition the theme: Economic Reforms and MSME Development for Maximising Diversification, Opportunities for Indigenous Businesses, at the weekend in Abuja through the Chairman of the Board of Trustees (BoT) of the National Association of Small and Medium Enterprises (NASME), Mr. Ubadigbo Okonkwo.

    The NASME chairman urged the association’s members to work with the Bank of Industry (BoI) to ensure that MSMEs benefitted from available government interventions.

    Okonkwo also urged the Central Bank of Nigeria (CBN) to stop “being a referee and a player in the same field”.

    He said: “I believe that all their development finance functions should be transferred to the DFIs in the country, particularly the Bank of Industry, DBN NEXIM, and the rest of them.

    “The theme of this year’s summit: Economic Reforms and MSME Development for Maximising Diversification, Opportunities for Indigenous Businesses, is highly important. What I want to say is where we are as a country, what reforms we have implemented, and the way, going forward.

    “In May, last year, the Bola Ahmed Tinubu administration made a very strong start by adopting two bold policy reforms that his predecessors had brushed under the carpet: namely, fuel subsidy removal, and unification of official exchange rates.

    “The government also took measures to improve the fiscal performance of the economy by spending more on health and education. A new team in the Central Bank of Nigeria has, I believe, rightly decided to focus on its core mission of price stability and fighting inflation and to exit from development finance.”

    Okonkwo urged SMEDAN to create an enabling business environment across the country.

    NASME’s President, Dr. Abdulrashid Yerima, noted that apart from the association distributing machines and sundry equipment to its members in the rural areas, it also facilitated N1 million loans for SMEs in the 774 local government areas of the country.

    “I was the special guest of honour at the unveiling of the N300 billion to manufacturers last week by the Office of the Vice President of the Federal Republic of Nigeria.

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    “We have done quite a lot. This year alone, we have given sewing machines, vulcaniser equipment, welding machines, salon equipment, and others to MSMEs in the rural area in the 774 local governments.

    “We also facilitated N50,000 grants. Currently, we’re also facilitating the N1 million loan at nine per cent interest rate in all the 774 local governments, because we have been accepted as the national Association of Small and Medium Enterprises.”

    Dr. Yerima urged the government to increase its finance, provide interest-free loans, address issues about cost of transportation and power, which he said affect the ease of doing business across the country.

    He advised SMEs not to lose hope but support the government to create a thriving environment for their businesses to thrive.

    NASME Chairman in Rivers State, Mr. Dogara Sakpege, said the state chapter had begun activities to empower small business owners.

    The chairman assured them that messages from the summit would be conveyed to members at the state and rural areas.

    He said: “The event falls in line with what they at Rivers State were trying to do, which is identifying micro/small business owners at the grassroots areas and onboard them into things that are happening in the state. This way, they will be able to impact a higher number of MSMEs at the grassroots level more effectively. This will in turn create more jobs at that level in the state.

    “Since this is what the summit is focusing on, it will be easier for them to replicate same when they return to tell the much they’ve learnt from the summit.

    “Some of the key areas they onboard MSME people into are tailoring, processing, and production.

    “What we do is that since some of them are afraid of producing due to lack of NAFDAC, SON and other regulatory agencies registration, we (Rivers State NASME) rather encourage them to go ahead as we help them attain the requisite standards in order to get approvals from relevant agencies to enable their products compete favorably in the markets.”

    SMEDAN’s Director General, Mr. Charles Odii, who was represented by the Director of Engineering, Technology and Infrastructure, Anthony Igba, described the summit as an avenue to share information, to ensure MSMEs’ growth, work together to address economic challenges, and develop a model for local content.

    A representative of the Director General of NAFDAC, Hajiya Gire Aisha, said the agency was collaborating with a lot of SMEs.

    She added that the agency had rolled out different measures to cushion the effect of the current economic challenges faced in the business sector.

  • Polaris is top bank in MSME lending

    Polaris is top bank in MSME lending

    Polaris Bank was adjudged at the weekend as Nigeria’s topmost bank in lending to the Micro, Small and Medium Enterprises (MSMEs).

    The award recognised Polaris Bank’s longstanding commitments to supporting MSMEs through several direct and indirect funding channels.

    Expert judges at the inaugural MSME Finance Awards 2024, organised by Nairametrics and The Economic Forum, at the weekend in Lagos, said the choice of Polaris Bank as the ‘Best in MSME Lending’ (Banking Sector) was based on the bank’s provision of sustainable finance and funding to entrepreneurs in the MSMEs sector to grow their businesses.

    MSMEs are the largest employers in the Nigerian economy, providing immense contributions in job creation and economic activities. Recent data showed that the contribution of the MSME sector to employment had increased by 3.5 per cent. 

    The International Labour Organisation (ILO) estimated that MSMEs contribute around 48 per cent to GDP and around 80 per cent of total employment in Nigeria.

    The award ceremony, at the Civic Centre, Victoria Island, Lagos, cemented Polaris Bank’s reputation as a pacesetter in industry standards for lending and impact-driven financing to critical sectors of the Nigerian economy.

    Commenting on the award, Managing Director, Polaris Bank, Mr. Kayode Lawal, said: “We are honoured to receive this prestigious award, recognising our commitment to empowering Nigerian MSMEs. Micro, small, and medium businesses are pivotal to national economic growth; they are the backbone for large corporations and drive innovation and job creation. 

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    “We are glad that our dedication to providing accessible financing and tailor-made innovative solutions has made a tangible impact on the growth and sustainability of these vital businesses.’’

    He commended Nairametrics and The Economic Forum series for the award and assured of Polaris Bank’s continued commitment to MSMEs empowerment by delivering innovative and exceptional customer-centric services and solutions that propel Nigeria’s overall economic advancement.

    “We are grateful to Nairametrics and The Economic Forum for this recognition, acknowledging our team’s relentless efforts to provide innovative and exceptional services to Nigeria’s MSME sector. This award is a motivation for us; our strategic focus on MSME lending, driving financial inclusion, and promoting Nigeria’s economic development remains something we are committed to,’’ he stated.

    Nairametrics, Nigeria’s leading financial literacy news platform, explained that the nomination and subsequent award bestowed on Polaris Bank and other finalists were meant to honour financial services organizations—including banks, insurance companies, and fintech companies—that have made a real impact on MSMEs in Nigeria, ensuring sustainable growth for the sector.

    Polaris Bank has built a strong footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with huge lending portfolio dedicated to empowering micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth. These initiatives have earned Polaris Bank multiple awards and recognitions, including the 2022 and 2023 MSME Bank of the Year award by BusinessDAY’s Banks and Other Financial Institutions Awards (BAFI).

  • Why Nigerian MSMEs must embrace AI for rapid business growth – Agara

    Why Nigerian MSMEs must embrace AI for rapid business growth – Agara

    In a rallying call to Nigerian entrepreneurs, Managing Director of Dagrow Resources Limited, Daniel Agara, has emphasised the transformative potential of artificial intelligence (AI) in catapulting micro, small, and medium-sized enterprises (MSMEs) from mere survival to unprecedented growth.

    As a pioneer in digital empowerment for MSMEs, Agara highlights that a significant number of Nigerian businesses are already harnessing AI to drive innovation, while others are just beginning to tap into its power to transform fledgling ventures into sustainable successes.

    He narrated: “In a bustling corner of Balogun Market, a young business owner opens her WhatsApp and types a prompt into a chatbot: Write a product description for this lace fabric.

    “In seconds, the AI responds with a compelling piece of marketing content, which she copies straight into her Instagram shop.”

    He noted that MSMEs make up over 90 per cent of businesses in Nigeria and contribute nearly half of the national GDP, yet most operate with minimal infrastructure, outdated tools, and an overdependence on human effort.

    Agara said, “AI offers an opportunity to break that ceiling. Instead of replacing human effort, it serves as a co-worker, handling tasks that drain time and creativity, from drafting emails to tracking inventory.”

    Speaking on the everyday impact, he said: “From Lagos to Kaduna, small business owners are finding creative ways to apply AI. ‘A fashion designer in Surulere uses a free AI tool to plan social media posts and write engaging captions. A farmer in Kaduna relies on AI-powered weather alerts to decide when to plant.

    “These are small changes, but their impact on efficiency and decision-making is massive.

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    “Major companies are also in on the trend. E-commerce giant Jumia uses AI algorithms for fraud detection, customer experience optimisation, and logistics planning, cutting delivery times and improving user trust.

    “Startups are no different: AgriGrow provides smallholder farmers with real-time data on soil health, rainfall predictions, and pest outbreaks; Famasi Africa automates patient follow-ups and medication reminders; and CDIAL. AI builds Yoruba, Hausa, and Igbo language models to bridge the digital divide.

    “Even informal retailers are tapping into AI tools like ChatGPT to calculate discounts, track expenses, and draft proposals, tasks that once required paid staff or hours of trial-and-error.”

    According to Agara, AI gives Nigerian entrepreneurs the power to expand their vision.

    “With tools for data analysis, financial forecasting, and marketing automation, a once-local business can reach customers nationwide and even abroad,” he said. “The playing field is being levelled.”

    He cited the example of a Port Harcourt-based skincare entrepreneur who uses AI to write newsletters, manage her customer list, and A/B test social media ads. “With consistent branding and targeted outreach, her business moved from ten orders a month to a hundred,” he said.

    Despite the opportunities, AI adoption among Nigerian MSMEs remains low, hindered by infrastructure gaps, high data costs, and limited digital literacy.

    Agara said: “But the tide is turning. As more affordable tools emerge and local language support improves, access is widening.”

    He called for more awareness, training, and institutional support. “Incubators, NGOs, and financial institutions should train small business owners on AI for productivity. The government can help with tax incentives for digital adoption or grants for AI-powered upgrades,” he advised.

    Agara believes the AI revolution is not reserved for big corporations or Silicon Valley tech giants.

    He said: “It’s for the tailor in Aba, the shoe vendor in Yaba, the fish farmer in Benue. It’s for all of us.

    “When we embrace these tools not as magic but as partners, our businesses will grow, not just in size, but in confidence, clarity, and long-term value.

    “The future is not coming. It’s already here. And Nigerian MSMEs can lead the way,” he added.

  • MSMEs urged to adopt innovative solutions for growth

    MSMEs urged to adopt innovative solutions for growth

    Micro, Small, and Medium Enterprises (MSMEs) have been urged to adopt innovative solutions to grow their businesses.

    A tech expert, Akinade Akinadeniyi gave the advice at the DevFest Enugu 2023 annual tech conference on the theme: “Bridging the Gap: Enhancing Collaboration Between Product Designers and Developers.”

    He emphasised the importance of user-centric financial access through improved User Experience (UX) and User Interface (UI) design.

    He said that with MSMEs contributing significantly to local economies worldwide, the need for innovative solutions to bridge the gap between financial institutions and these businesses have never been more crucial.

    The DevFest Enugu 2023, presented by GDG Enugu, is an annual tech conference that brings together enthusiasts, developers, and innovators in a celebration of Google technologies.

    The tech expert highlighted the enormous potential of UX and UI design in transforming the financial landscape for MSMEs at the conference.

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    Akinadeniyi, a renowned advocate for technology-driven innovation and a senior product designer at Advanlcy, urged businesses to implement a design system for consistency.

    According to him, there is a need for businesses to gather feedback in the early development process.

    He said: “The challenge lies in the answers to these questions; How can one design for users who can access and use the product even with intermittent connectivity? How can one design a successful product that does not rely on constant connectivity but provides a smooth user experience even when offline?

    “This is where progressive web apps and data-saving strategies become pivotal. Trust in online financial services is a universal concern, but in the context of emerging markets, it takes on added significance. MSMEs may be cautious about data privacy and cybersecurity. Research and data from sources like the ‘Global Findex Database’ are essential in understanding these concerns.

    “The data shows that a significant portion of the population remains unbanked, often due to a lack of trust and security concerns. Designing a UI that not only complies with data protection regulations but also conveys a sense of security is paramount. My practice is to ensure that elements are clear, with transparent information about data usage and protection.

    “The diversity in educational backgrounds among MSMEs in Africa and emerging markets is a significant challenge. A considerable portion of the population may have limited financial literacy. This is where personal experiences come into play. Coming from a humble family background, the importance of simplifying financial concepts and transactions is clear.

    “The UI should be designed to be self-explanatory, with features like tooltips and educational resources integrated. It should empower users with the knowledge they need to make informed financial decisions. This aligns with the vision of financial inclusion for all, regardless of their background.

    “The linguistic and cultural diversity of these regions presents another UI/UX challenge. Languages, customs, and preferences can vary greatly from one region to another. The GSMA report mentioned earlier indicates that sub-Saharan Africa is home to over 2,000 distinct languages.

    “Testing and iteration are key to refining the UX/UI. User testing at various stages enables continuous improvement to ensure that financial access becomes a reality for all, regardless of their background. In a world where financial inclusion can drive economic growth and empower communities, the challenges in UX/UI design are not obstacles but stepping stones towards a more inclusive and prosperous future.”

  • N150b intervention fund for MSMEs

    N150b intervention fund for MSMEs

    The federal government is setting up N150 billion intervention funds to support small businesses in response to the country’s current economic challenges.

    Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, said this at the beginning of the 18th Abuja International Trade Fair (AITF) yesterday  in Abuja. The theme of the fair is: “Sustainable Financing and Taxation”.

    Uzoka-Anite, represented by the Director of Commodity and Export in the ministry, Mr Kaura Irimiya, said the fund, which would be disbursed in March 2024 was to strengthen the manufacturing sector.

    She said that the federal government would also provide small grants to micro businesses in each of the 774 Local Government Areas in the country.

    “We intend to spend N75 billion by March 2024 to strengthen the manufacturing sector. We also intend to provide small grants to micro businesses in each to the 774 local governments of the federation.

    “We have also earmarked a fund of N75 billion that will be used to support up to 100,000 start-ups and MSMEs at single digital interest rates repayable over 36 months.  Last week, we launched the National Technology Export (NATEP) programme, in partnership with Microsoft.

    Read Also: MSME/SME: FG reduces logistics, aids visibility of local content in Western World

    “And earlier this year we launched the over $600 million Investment in Digital and Creative Enterprises (iDICE) programme, in partnership with African Development Bank and other partners,” Uzoka-Anite said.

    The minister emphasised that empowering MSMEs was key to empowering youths and women and enabling them to contribute to the nation’s economic development.

    According to her, the growth of MSMEs has a positive impact on the economy as it enables individuals to support their families and add value.

    News Agency of Nigeria (NAN) reported that Minister of the Federal Capital Territory (FCT), Nyesom Wike expressed the administration’s readiness to collaborate with the private sector to reposition economic and business activities in the city.

    Represented by the Mandate Secretary, Economic Planning in FCT, Mr Chinedu Elechi, Wike solicited the cooperation of the private sector, especially in the area of taxation toward boosting the FCT internally generated revenue.

    Speaking earlier on the theme of the fair, the President of ACCI, Dr Al-Mujtaba Abubakar, said: ” AITF had served as a trusted global trade destination attracting over 500,000 consumers.”

    He said that the trade fair provided a platform for business relationships, trade opportunities and ideas.

    “As a leading chamber of commerce and industry, we continuously strive to improve the quality of our trade events and this year we have added side attractions such as rewards, free jollof rice tasting and a fashion runway to enhance the fair’s appeal,” Abubakar said.

    According to him, the trade fair is part of ACCI’s initiative to connect businesses and create a platform for policymakers to interact with the business community, recognising the vital role of small businesses in the national economy.

    “We encourage everyone to participate in the 12-day event, engage in business networking and attend special days organised by government Agencies, Ministries and Parastatals, States, private sector and countries,” Abubakar added

  • SMEDAN, BoI partner business school on MSME summit

    SMEDAN, BoI partner business school on MSME summit

    Small Medium Enterprises Development Agency of Nigeria (SMEDAN) and Bank of Industry (BoI), in partnership with Innovation Centre for Leadership and Entrepreneurship Development (ICLED) Business School, Lekki, Lagos, are set to host Micro and Small and Medium Enterprises (MSME) Business Summit, to reposition the economy and accelerate the nation’s economic growth.

    The summit tagged: ‘Renewing MSMEs in Nigeria: Navigating Disruption and Embracing Change in the New Digital World’, will be held from September 27 to 28 at Radisson Blu Hotel, Victoria Island, Lagos State.

    A statement by the Founder of ICLED Business School, Prof. Olajumoke Familoni, said the summit would be attended by stakeholders such as Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigerian Association of Small and Medium Enterprises (NASME), Nigerian Association of Small Scale Industrialists, among others.

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    Others are Minister of Trade and Industry, as well as commissioners for Commerce. Governor Babajide Sanwo-Olu is expected to declare the event open.

    Explaining the rationale behind the summit, Familoni said it was an attempt to develop an intentional approach to assist the growth of MSMEs in the digital era after the COVID-19, adding that the step would lead to the economic growth of the nation.

    ‘’SMEDAN was established with the mandate of developing and promoting MSMEs in Nigeria. The idea is a great initiative, but the dividends have not been really felt due to many factors.

    “The Director General, Dr. Wale Fasanya, has been in the agency from inception. We have set up some key strategic goals, which will be discussed at the summit. It is expected to bring about a new hope for entrepreneurs, business managers and SMEs,” he said.

  • NASSI seeks review of MSME’s funding mechanism

    The Nigerian Association of Small Scale Industrialists (NASSI) has called for a review of the funding mechanism for Micro, Small and Medium Enterprises (MSMEs) to facilitate access to loans.

    Its newly elected National President, Mr Solomon Vougfa, said the funds made available by the Federal Government currently to the sector has a lot of bottlenecks that made it difficult for members to access loans.

    He said: “Improving the financing options for MSME is a political imperative for the government considering their roles in job creation, especially in manufacturing and in rural development.”

    According to Vougfa , the steady development of any growing economy was dependent on the ability of small scale industrialists to be more innovative.

    He described MSMEs as the engine of economic development, calling on government to provide new measures for its improved funding.

    He said with no fewer than 100,000 committed members across the country, the group is poised for massive job creation, with proper government assistance.

    He also identified inability to acquire modern equipment to meet up with global standard of production as another challenge facing the sector.

    He urged government to assist them in purchasing modern equipment as many of them could not afford them due to high cost.

    Vougfa  said NASSI would continue to organise workshops, conferences and provide advisory services to members, while also providing information on sources of raw materials, market situations and the required manufacturing standard.