eTranzact International Plc says it is strengthening its digital payment solutions to help micro, small and medium enterprises (MSMEs) overcome financing, payment and financial management challenges.

The company disclosed this at the SMEDAN/eTranzact town hall engagement in Lagos, organised in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

The engagement, with the theme “Financial Literacy and Inclusion for MSMEs Leveraging Fintech Innovation”, focused on using financial technology to improve access to financial services and support business growth.

Speaking at the event, Abimbola Reis, divisional head, merchant services at eTranzact, described MSMEs as critical drivers of Nigeria’s economic growth and job creation.

Ms Reis said Nigeria had about 40 million MSMEs, but many continued to face challenges, including limited access to finance, inefficient payment systems, poor financial reporting and cash-flow constraints.

She said reliance on cash-based transactions exposed businesses to theft and made payment reconciliation more difficult, while limited access to digital platforms and trust issues also constrained their growth.

According to her, eTranzact has developed customised digital infrastructure to address some of the challenges and enable businesses to operate more efficiently.

“At eTranzact, we build infrastructure to help businesses grow. A lot of our products are customised solutions because we look at the specific challenges businesses are facing,” she said.

Ms Reis said small businesses were important drivers of economic growth and needed appropriate digital tools to improve their operations and competitiveness.

She highlighted Credo by eTranzact, a digital payment gateway that enables merchants, MSMEs and informal-sector operators to accept and process payments.

She also showcased PocketMoni, eTranzact’s mobile money platform licensed by the Central Bank of Nigeria (CBN).

Ms Reis said PocketMoni enabled users to send and receive money, purchase airtime and data, and pay utility bills through their mobile devices.

The Director-General and Chief Executive Officer of SMEDAN, Charles Odii, represented by Prof. Yinka Fisher, said the town hall was designed to generate practical ideas and solutions to help MSMEs thrive.

“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand,” Mr Odii said.

He said the partnership with eTranzact was aimed at expanding opportunities for MSMEs and supporting their sustained growth.

Also, the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Sola Obadimu, represented by Praise Adedigba, urged businesses to embrace digital capabilities.

Mr Obadimu said businesses could no longer rely solely on hard work but needed digital tools and strategic partnerships to remain competitive.

He said stronger MSMEs would translate into increased productivity, more employment opportunities and shared national prosperity.

 (NAN)