MoMo PSB targets 20m SMEs to boost financial inclusion
By Temitope Adebayo
MoMo PSB, the payment unit of MTN, has targeted 20 million Nano and Small Medium Enterprise (SMEs), in an effort to further boost financial inclusion in Nigeria.
The chief commercial officer, Ella Muzzolini, disclosed this while speaking to the newsmen on the sideline of a two-day MoMo and Nigeria Association of Small and Medium Entrepreneurs (NASME) Symposium and Exhibition held recently in Lagos.
She explained said that 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 it.
According to her, MoMo PSB would onboard such Nano traders 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 to have the small Nano merchant 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 international markets, access loans but do not have access,’’ she said.
“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 has created a space of knowledge, monitoring, and co-creation.
She said that because MTN and MoMo PSB believe in co-creation and believe in designing together that help Nigerians to solve problems in their businesses and personal lives.
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She, however, expressed excitement over the participation of the trade association saying it was beyond expectation.
Speaking at the event, the national president, Nigeria 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.
Yerima, who was represented by the national vice president, Mr Solomon Aderoju said the collaborative effort between MTN MOMO and NASME symbolises a commitment to fostering growth, innovation, and connectivity within our vibrant small and medium-sized enterprise (SME) community, saying this initiative aligns with the N1 billion youth and women empowerment fund and the overarching vision of the Sustainable Development Goals (SDG) for 2030.
“Oour gathering here today marks the commencement of a transformative experience designed to introduce the MTN MOMO Wallet and MTN products to the Nigeria Association of Small and Medium Enterprises (NASME).
“This event serves as a conduit for networking, expert-led workshops, and seminars aimed at equipping SMEs with the tools and knowledge necessary for sustainable growth”, he said.
