MoMo PSB Targets 20m SMEs To Boost Financial Inclusion

The Payment Unit of MTN, MoMo PSB said it was targeting 20 million Nano and Small Medium Enterprise (SMEs) to boost financial inclusion.

The chief commercial officer, MoMo PSB, MTN, Ella Muzzolini stated this on the sideline of a two-day MoMo and Nigeria Association of Small and Medium Entrepreneurs (NASME) Symposium and Exhibition held in Lagos.

Muzzolini 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.

She said that 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.

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‘’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,’’ he 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 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.

She however expressed excitement over the participation of the trade association saying it was beyond expectation.

Also, 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 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.

He said “our 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.”

MoMo PSB official, Adejumoke Aderogba educated the traders on the modalities of participating and benefiting from the incentives.