MoMo Payment Service Bank has partnered with the Small and Medium Enterprises Development Agency of Nigeria to expand digital financial access for SMEs across the country.
The collaboration focuses on improving payment systems, record-keeping, and access to basic financial services for small businesses operating within and outside the formal economy.
Officials said the initiative aligns with national financial inclusion goals and SME development priorities.
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Partnership expands access to digital payments for small businesses
Under the partnership, SMEs will gain access to mobile payments, USSD services, and point-of-sale solutions. These tools are expected to reduce reliance on cash transactions and improve business accountability.
A MoMo PSB representative said “digital payments are now central to business operations,” noting that SMEs require systems suited to their scale.
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Financial inclusion for micro and informal enterprises
SMEDAN stated that many micro enterprises remain excluded from banking services due to documentation and cost barriers. The partnership aims to address this gap by providing low-entry digital platforms.
Inclusion is expected to improve visibility and participation within the formal economy.
Digital records to improve SME access to credit
Financial analysts said digital transaction histories could help SMEs build credit profiles, which are often required for loan access.
Poor financial records have limited SME growth, and digital adoption could help address this long-standing issue.
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Training and adoption challenges for business owners
SMEDAN acknowledged that some business owners may face difficulties adopting digital tools due to limited digital skills.
Officials said training and sensitisation programmes would accompany the rollout.
Long-term impact on SME productivity and growth
Stakeholders said improved payment efficiency and record management could support long-term SME growth if adoption remains consistent.
