Financial services company Mastercard has partnered with Nigeria’s E-commerce platform Alerzo, to offer digital payment solutions, to address the challenges faced by SMEs in Nigeria’s Fast Moving Consumer Goods (FMCG) sector.
This partnership aims to promote the use of financial solutions over the next five years and provide practical financial training and knowledge to one million Nigerian SMEs.
Alerzo’s background expertise in leveraging technology to empower retailers in the informal sector, so they are equipped to run profitable & sustainable businesses, and Mastercard’s extensive global infrastructure and network will make it simpler for companies of all sizes to access digital payments.
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Speaking on this strategic partnership, CEO of Alerzo Limited, Adewale Opaleye, said, “We’re excited to partner with Mastercard to support the growth and success of SMEs in Nigeria. With our combined expertise and resources, we look forward to continuing to provide training, financial support, and innovative payment solutions to businesses in Nigeria. These solutions could be a game-changer, especially for our informal retailers, who often get overlooked.”
Also commenting, Country Manager and Area Business Head, West Africa at Mastercard, Ebehijie Momoh said:
“Nigerian small businesses have proved their resiliency in recent years, but still face many pressures to remain profitable. Through our partnership with Alerzo, we are excited to combine our expertise and resources to drive digital transformation and financial inclusion, providing training and solutions that enable Nigerian businesses to thrive. This collaboration will play a crucial role in digitizing payments and supporting the growth and success of Nigerian businesses.”
Following reports that only 15% of Nigerian SMEs have access to formal credit, Alerzo’s partnership with Mastercard will provide these businesses with access to micro-lending options which is crucial for business growth.
The impact of this partnership extends beyond individual businesses. By empowering SMEs and informal retailers, millions of people who rely on their small businesses to support themselves and their families will experience positive changes.
Also, SMEs and informal retailers will benefit from the low-cost acceptance solutions provided by the partnership, such as Tap on Phone, QR, Pay-By-Link and Payment Gateway service.
Through this partnership, a range of innovative solutions will be offered, including VeedezPay, a digital payment solution designed for informal and small businesses, VeedezPro, a comprehensive business management tool tailored for SMEs and ERP solutions for more established businesses.
Additionally, micro-lending services will be made available to businesses using the VeedezPay and VeedezPro solutions. Alerzo is an all-in-one technology platform designed to equip micro-businesses with the digital products and services necessary to run profitable and sustainable businesses.
The startup has continued to provide customers with access to a one-of-a-kind platform that enables its customers to easily grow their businesses through the use of technology.