Nigeria: MoMo PSB Aims to Serve 20 Million SMEs with Financial Services

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MoMo PSB, the Payment Unit of MTN, has set its sights on providing financial services to 20 million Nano and Small Medium Enterprises (SMEs) to boost financial inclusion.

Ella Muzzolini, the Chief Commercial Officer of MoMo PSB at MTN, shared this goal during a two-day MoMo and NASME Symposium and Exhibition held in Lagos. Muzzolini highlighted that many Nano merchants are financially underserved and lack access to crucial financial services like loans.

MoMo PSB plans to onboard these Nano traders, providing them with access to loans and various financial services. Muzzolini emphasized the importance of addressing the needs of the 20 million small retailers who aspire to access international markets and financial resources.

The focus for the next six months will be on extending financial services to SMEs that traditionally lack access. Muzzolini emphasized the role of MoMo PSB in simplifying transactions for small businesses, especially those dealing with international markets.

The two-day event aimed at knowledge sharing, monitoring, and co-creation. Muzzolini expressed excitement over the participation of the trade association, stating that it exceeded expectations.

The National President of Nigeria Association of Small and Medium Enterprises (NASME), Dr. Abdulrashid Yerima, emphasized the trend of digital payments and the importance of leveraging MoMo to promote financial inclusion. Yerima called for more empowerment, training, and capacity building from NASME, with a representative expressing gratitude to MoMo and MTN and seeking sponsorship for their programs.

The event’s first day included the unveiling of a N40 million Merchant Incentive for traders. Adejumoke Aderogba, a MoMo PSB official, provided insights into the participation modalities and benefits of the incentives. Participants were also trained on business development and capacity building during the event.

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