Mastercard has partnered with the Nigerian B2B e-commerce business Alerzo and the USAID-funded e-Trade Alliance to fast track the digital transformation of MSMEs in Nigeria.
By year’s end, this program hopes to empower more than 10,000 small enterprises, encouraging sustainable growth and financial inclusion.
Veedez, a tool for digital payments and business administration, and Alerzoshop, a digital B2B marketplace, are two examples of the cutting-edge digital innovations brought about by the alliance.
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These are enhanced by Mastercard’s cutting-edge payment options, which include Payment Gateway Services, QR codes, and Tap to Pay. When combined, these technologies help Nigerian MSMEs overcome important obstacles like laborious supply chains, manual inventory management, and restricted access to financial services.
The partnership, which was announced on Monday by Alerzo CEO Adewale Opaleye and Mastercard’s West Africa Country Manager Folasade Femi-Lawal, is in line with Mastercard’s worldwide goal of bringing 50 million micro and small companies and one billion people into the digital economy by 2025.
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“Mastercard is committed to driving financial inclusion and empowering small businesses worldwide.”
“Our collaboration with Alerzo and the e-Trade Alliance in Nigeria provides MSMEs with the digital tools and resources needed to thrive in today’s digital economy. By facilitating seamless digital payments and offering comprehensive business management solutions, we are fostering a more inclusive financial ecosystem and driving innovation and growth within the sector.”
“This collaboration demonstrates the immense possibilities that can be unlocked through the power of public-private partnerships,” said Folasade Femi-Lawal, country manager, West Africa, Mastercard.
MSMEs can use Alerzoshop to stock up using their phones, improving their access to suppliers and enabling safe, effective, and seamless digital payments using Mastercard’s extensive worldwide network.
Conversely, Veedez is revolutionising the way small businesses function by assisting them in digitising procedures, opening up new sales channels, and boosting profits—all while offering crucial financial support through microlending services.
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Alerzo’s commitment to digitally connect millions of MSMEs in Nigeria
Adewale Opaleye, CEO of Alerzo Limited, said, “We are delighted to collaborate with Mastercard and e-Trade Alliance for this digital transformation project in Nigeria. As the leading partner of choice for informal retailers and MSMEs, we recognize our responsibility to introduce digital retail solutions that will strengthen the economy and facilitate the adoption of a cashless society for the collective benefit of all.”
“This initiative is part of our commitment to connecting millions of MSMEs in Nigeria to a world where digital connectivity is integrated into their businesses, making them more profitable and fulfilling,” he added.
Along with improvements to digital infrastructure, the program provides digital and financial training to give MSMEs the skills required to process payments over Mastercard’s network with ease.
The alliance demonstrates the transformative power of teamwork in propelling Nigeria’s economic development by promoting a more inclusive financial sector.