Innovectives has unfolded an SME digitization roadmap targeting one million small businesses over the next five years following the acquisition of licence from the Nigerian banking regulator.
Innovectives, a member of US-based Index Group, with over eight years of operating experience in digital financial services covering key markets in Africa and Europe has secured licence for Payment Solutions and Services (PSS) from the Central Bank of Nigeria (CBN).
To make wealth possible through innovation, Innovectives says it has launched a five-year mandate to empower one million SMEs across frontier markets, including Nigeria.
SME Digitization ‘Will Unlock Growth’
Emmanuel Agha, Group Managing Director at Index Group, says in a statement made available to Technology Times that “our journey to expand opportunities for one million SMEs in frontier markets is now fully on course, following the procurement of major strategic partnerships with leading payment schemes and impact investors.”
According to him, “this lofty mission begins in Nigeria, where Innovectives has just secured a Payment Solutions and Services license from the Central Bank.”
SMEs play a vital role as a driving force in developing economies, Innovectives says, underscoring that in Africa, “they are estimated to make up about 98% of total number businesses, with an output of 40% contribution to gross domestic product (GDP).”
But for Agha, “even with SMEs’ strong participation in Africa’s economy”, he notes that “their growth is limited by inadequate access to finance and e-commerce channels, along with gaps in practical business training and safety nets.”
Through Innovectives’ SME digitization suite, Small Businesses have a better chance at growth and prosperity, by accessing current accounts, online and in-store payment checkout, an easy-to-use web store, quick loans, bespoke training and much more, according to him.