MoMo PSB Commits To SME Empowerment

MoMo Payment Service Bank (PSB), a digital financial services player, has restated its commitment to empower Small and Medium Enterprises (SME).

The Bank made this commitment as it is celebrating its second-year anniversary with a series of month-long activities designed to commemorate this milestone. Among the key events is the recently held Stakeholder Conference in Lagos, where industry leaders, policymakers, and other stakeholders gathered to discuss pivotal topics in the financial sector.

The theme for the conference, ‘Empowering SMEs through Digital Financial Solutions’, underscores the crucial role that digital financial services play in supporting small and medium-sized enterprises (SMEs) across Nigeria.

This initiative is part of MoMo PSB’s ongoing efforts to enhance financial inclusion, a critical component for economic growth and stability in the country.

Financial inclusion is essential for providing unbanked and underbanked populations access to financial services, thereby driving economic development, and reducing poverty.

According to the Nigerian Small and Medium Enterprises Development Agency (SMEDAN), SMEs account for over 50 per cent of industrial employment and contribute approximately 48 per cent to Nigeria’s GDP. This substantial contribution has not only fueled economic growth but also garnered international recognition, highlighting the immense potential of Nigeria’s SME sector in driving progress and advancement. SMEs contribute to job creation, economic diversification, local development, innovation, entrepreneurship, and poverty eradication.

In its two years of operation, MoMo PSB said “it has aligned itself with the financial inclusion strategies of the Central Bank of Nigeria (CBN). Leveraging innovative digital financial solutions, MoMo PSB has significantly expanded financial services across Nigeria, targeting the cash-based informal economy and integrating more individuals and businesses into the formal financial system.

“Financial inclusion has grown notably, with the percentage of financially included people increasing from 68 per cent in 2020 to 74 per cent in December 2023, according to data from Enhancing Financial Innovation and Access (EFInA). This growth is driven by fintech innovations and the rise of digital assets.”

Speaking at the event, CEO, MoMo PSB, Eli Hini, stated, “the challenge for SMEs is attracting interest and investment. Strong organisation is key. When your business is structured and accessible, it becomes attractive to potential investors and partners. This opens doors to additional solutions that can drive your business further.”

Hini emphasized that “at MoMo PSB, we offer a platform that exposes SMEs to a wider customer base and connects them with valuable services like easy online payments, international remittance options, and the ability to accept payments from any source.

“These solutions eliminate the need for cash transactions, saving time, reducing risk, and offering clear records for better financial management. By simplifying business processes and offering access to new opportunities, we believe we are transforming the way SMEs operate and empowering them for future growth.”