Mastercard, the renowned global payments company, has joined forces with Alerzo, a Nigerian B2B eCommerce platform, to empower Small and Medium Enterprises (SMEs) through the provision of digital payment solutions, financial education, and credit accessibility.
The main goal of this partnership is to expedite the adoption of digital payments and encourage the utilization of financial services within the span of the next five years. Moreover, the collaboration aims to equip one million Nigerian SMEs with practical financial training and knowledge.
Combining Alerzo’s expertise in B2B eCommerce with Mastercard’s extensive global infrastructure and network, this alliance will facilitate easy access to digital payment options for businesses of all scales.
Furthermore, businesses will have the opportunity to leverage various solutions, including VeedezPay, a digital payment platform specially designed for small and independent companies.
These SMEs will also access VeedezPro, a comprehensive business management tool, and Enterprise resource planning (ERP) solutions for larger, more established companies.
Moreover, the low-cost acceptance solutions offered by the partnership, such as Tap on Phone, QR, Pay-By-Link, and Payment Gateway Service, will be helpful to SMEs and informal retailers.
Businesses can sign up for VeedezPay and VeedezPro, available for download from the App Store and Google Play, to accept digital and contactless payments.
Established businesses can also access the ERP solution, which includes integrated business management tools and several other features.
Business owners who use the VeedezPay and VeedezPro solutions will also have access to micro-lending services.
One report found that only 15% of Nigerian SMEs have access to formal credit, leaving many SMEs with insufficient funding. Besides, another report shows that the financing gap for Nigeria’s micro, small, and medium-sized businesses (MSMEs) has reached $158.1 billion. Director-General of the Small and Medium Enterprises Development Agency (SMEDAN), Olawale Fasanya, said access to capital is one of the biggest obstacles to the growth of MSMEs.
Thus, the Alerzo B2B commerce application will provide informal retailers with access to micro-lending options.
What’s more, Alerzo digitises commerce and payments processes between Fast-Moving Consumer Goods (FMCG) suppliers and informal retailers. It claims it serves over 100,000 retailers.
