MoMo, NASME partner to boost SME growth in Nigeria

MoMo’s Payment Service Bank, a fintech subsidiary of MTN Nigeria, in partnership with the Nigerian Association of Small and Medium Enterprises (NASME) recently hosted a two-day symposium and exhibition on empowering nano and small businesses in Lagos.

The symposium was instrumental in introducing Small and Medium-scale enterprises (SMEs) to the MoMo N40 million grant initiatives. The program was designed to incentivise active merchants with active transactions on their MoMo wallet.

The grant will encourage increased engagement and participation among SMEs while fostering a mutually beneficial relationship between MoMo PSB and its users. It is believed that this strategic effort solidifies MoMo’s commitment to supporting and empowering SMEs within the business landscape.

“At MoMo PSB, we believe in co-creation and designing solutions that directly address the needs of our customers. Our partnership with NASME on the symposium and exhibition underscores our dedication to empowering nano and small businesses across Nigeria with MoMo solutions for merchants and customers,” Elsa Muzzolini, chief commercial officer at MoMo PSB, said in her opening remark.

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She emphasised the significance of collaboration in advancing SME growth in Nigeria and disclosed that MoMo for merchants started as a simple USSD solution for transactions and has evolved to a merchant application that caters to smartphone users, enabling transactions with or without internet connectivity.

“I am honoured to be part of this collaborative effort between MTN MoMo and NASME, symbolising a commitment to fostering growth, innovation, and connectivity within small and medium enterprises,” Abdulrasheed Yerima, president, NASME stated.

Yerima, who was represented by Solomon Aderoju, vice president, South-west, NASME, noted that the mutually beneficial nature of the exhibition aligns with the ‘One Billion Naira Youth and Women Empowerment Fund’ in achieving the Sustainable Development Goals for 2023.

According to him, the overarching purpose of the symposium is to introduce and familiarise the NASME community with the MTN MoMo wallet and products, bridging the gap between innovative financial solutions and the dynamic needs of SMEs.

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The symposium provided a comprehensive assessment, enabling the MoMo team to gain deeper insights into the specific requirements of SMEs. The analytical approach is expected to aid fintech in addressing the needs of SMEs, ensuring a more seamless and tailored business transaction experience through the MoMo PSB.

The symposium included training sessions fostering knowledge sharing between experienced coaches and SMEs. The topics covered a range of subjects such as finance management, compliance, security, and controls tailored to SMEs, along with discussions on harnessing digital tools for business expansion.