10,000 MSMEs to benefit from Mastercard financial inclusion scheme

Mastercard has collaborated with Alerzo, a Nigerian B2B e-commerce company, and the USAID-funded e-Trade Alliance to accelerate digital transformation and enhance financial inclusion among Nigeria’s micro, small, and medium-sized enterprises (MSMEs).

According to the firms, this collaboration aims to empower over 10,000 MSMEs with digital and financial solutions, enabling them to achieve sustainable growth and thrive in the digital economy. According to the partners, these MSMEs will be reached by the end of the year.

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Despite Nigeria’s progress in digital technology adoption, MSMEs still face significant challenges, including complex supply chains, reliance on manual, error-prone inventory management, and limited access to essential financial services.

This collaboration addresses these obstacles with user-friendly digital and financial solutions tailored to local MSMEs, such as Alerzoshop, Alerzo’s digital B2B marketplace, and Veedez, a comprehensive digital payment and business management tool. These solutions are complemented by training initiatives to boost financial and digital literacy.

Folasade Femi-Lawal, Country Manager, West Africa, Mastercard, said, “Mastercard is committed to driving financial inclusion and empowering small businesses worldwide. Our collaboration with Alerzo and the e-Trade Alliance in Nigeria provides MSMEs the digital tools and resources needed to thrive in today’s digital economy.”

She added, “By facilitating seamless digital payments and offering comprehensive business management solutions, we are fostering a more inclusive financial ecosystem and driving innovation and growth within the sector. This collaboration demonstrates the immense possibilities that can be unlocked through the power of public-private partnerships.”

Alerzoshop enables MSMEs to stock up using their phones, enhancing their access to suppliers and facilitating secure, efficient, and seamless digital payments via Mastercard’s global network.

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Adewale Opaleye, chief executive officer of Alerzo Limited, stated, “We are delighted to collaborate with Mastercard, and e-Trade Alliance for this digital transformation project in Nigeria.

“This initiative is part of our commitment to connecting millions of MSMEs in Nigeria to a world where digital connectivity is integrated into their businesses, making them more profitable and fulfilling.”