The Payment Unit of MTN, MoMo PSB, says it is targeting 20 million nano- and small-medium enterprises (SMEs) to provide financial services to enhance financial inclusion.
The Chief Commercial Officer of MoMo PSB, MTN, Ella Muzzolini, said this on the sidelines of a two-day MoMo and NASME Symposium and Exhibition held in Lagos.
According to Muzzolini, most Nano merchants are financially underserved because they wish to have access to some financial services, such as loans, but do not have access to them.
She said that MoMo PSB would onboard such nanotraders to access loans and other financial services.
“MoMo PSB is proposing a better solution to help businesses transact through their phones in simple transactions.
“We are targeting the small nano merchants on the MoMo PSB because we believe that they are underserved in Nigeria.
“We want to first address those 20 million small retailers who love to be able to access the international market and access loans but do not have access,’’ she said.
According to her, primarily the SMEs do not have access to financial services, so that is where MoMo would put effort in the next six months.
Muzzoloni said that the two-day event had created a space of knowledge, monitoring, and co-creation.
She said that MTN and MoMo PSB believe in co-creation and design that would help Nigerians solve problems in their businesses and personal lives.
She, however, expressed excitement over the participation of the trade association, saying it was beyond expectation.
Speaking at the event, the National President of the Nigerian Association of Small and Medium Enterprises (NASME), Dr. Abdulrashid Yerima, said that digital payment is the trend and leveraging MoMo would promote financial inclusion.
Yerima said that NASME needs more empowerment, training, and capacity-building in that regard.
Yerima was represented by the National Vice President, Mr. Solomon Aderoju, who, while appreciating the MoMo team and MTN, called for sponsorship of some of their programs.
Day one of the events witnessed the unveiling of merchant incentives of N40 million for traders.
MoMo PSB official Adejumoke Aderogba educated the traders on the modalities of participating and benefiting from the incentives.
The participants were trained on business development and capacity building.
