MoMo PSB Champions SME Empowerment At Stakeholders’ Conference

MoMo Payment Service Bank (PSB), a leading digital financial services player, is celebrating its second-year anniversary with a series of month-long activities designed to commemorate this milestone.

Among the key events is the recently held Stakeholder Conference at the Eko Hotel Convention Centre in Victoria Island, where industry leaders, policymakers, and other stakeholders gathered to discuss pivotal topics in the financial sector.

The theme for the conference, “Empowering SMEs through Digital Financial Solutions,” underscores the crucial role that digital financial services play in supporting small and medium-sized enterprises (SMEs) across Nigeria.

This initiative is part of MoMo PSB’s ongoing efforts to enhance financial inclusion, a critical component for economic growth and stability in the country.

Financial inclusion is essential for providing unbanked and underbanked populations access to financial services, thereby driving economic development, and reducing poverty.

According to the Nigerian Small and Medium Enterprises Development Agency (SMEDAN), SMEs account for over 50% of industrial employment and contribute approximately 48% to Nigeria’s GDP.

This substantial contribution has not only fueled economic growth but also garnered international recognition, highlighting the immense potential of Nigeria’s SME sector in driving progress and advancement.

SMEs contribute to job creation, economic diversification, local development, innovation, entrepreneurship, and poverty eradication.

In its two years of operation, MoMo PSB has aligned itself with the financial inclusion strategies of the Central Bank of Nigeria (CBN).

Leveraging innovative digital financial solutions, MoMo PSB has significantly expanded financial services across Nigeria, targeting the cash-based informal economy and integrating more individuals and businesses into the formal financial system.

Financial inclusion has grown notably, with the percentage of financially included people increasing from 68% in 2020 to 74% in December 2023, according to data from Enhancing Financial Innovation and Access (EFInA). This growth is driven by fintech innovations and the rise of digital assets.

The Stakeholder Conference featured panel discussions, presentations, and insights from policy regulators, industry players, and SME experts on key issues within the digital economy sector, addressing various aspects of Nigeria’s financial services landscape.

Discussions revolved around regulatory frameworks, technological innovations, and strategies for enhancing financial inclusion, with a particular focus on empowering small and medium-sized enterprises (SMEs).

The event also featured the unveiling of new SME digital solutions: Merchant App, MID, Open API, and Remittance.

These tools empower SMEs by simplifying transactions (in-store, online, and mobile), streamlining financial management through API integration, and unlocking international opportunities with remittance services.

Speaking at the event, CEO, MoMo PSB, Eli Hini, stated, “The challenge for SMEs is attracting interest and investment. Strong organization is key. When your business is structured and accessible, it becomes attractive to potential investors and partners

This opens doors to additional solutions that can drive your business further.

At MoMo PSB, we offer a platform that exposes SMEs to a wider customer base and connects them with valuable services like easy online payments, international remittance options, and the ability to accept payments from any source.

These solutions eliminate the need for cash transactions, saving time, reducing risk, and offering clear records for better financial management. By simplifying business processes and offering access to new opportunities, we believe we are transforming the way SMEs operate and empowering them for future growth.”

The engaging and purposeful discussions at the Stakeholders’ Conference emphasized the significance of collaboration and innovation in advancing financial inclusion, particularly in supporting SMEs. Through the exchange of insights and best practices, stakeholders gained valuable perspectives on addressing the evolving needs of SMEs and leveraging technology to broaden access to financial services. This dialogue is crucial in narrowing the gap for SME empowerment and ensuring that all businesses have the tools and resources they need to thrive.