To commemorate its second-year milestone, MoMo Payment Service Bank (PSB) has launched a series of month-long activities, including a significant Stakeholder Conference held in Lagos. Attended by industry leaders, policymakers, and other stakeholders, the event centered on crucial topics in the financial sector, themed ‘Empowering SMEs through Digital Financial Solutions’.
This initiative underscores MoMo PSB’s dedication to bolstering financial inclusion, recognized as pivotal for Nigeria’s economic growth and stability. Financial inclusion facilitates access to essential financial services for unbanked and underbanked populations, propelling economic development and poverty alleviation.
According to the Nigerian Small and Medium Enterprises Development Agency (SMEDAN), SMEs account for over 50% of industrial employment and approximately 48% of Nigeria’s GDP. This sector plays a vital role in job creation, economic diversification, local development, innovation, entrepreneurship, and poverty alleviation.
Throughout its two-year journey, MoMo PSB has aligned with the Central Bank of Nigeria’s (CBN) financial inclusion strategies. Leveraging innovative digital financial solutions, MoMo PSB has significantly broadened financial services, targeting Nigeria’s cash-based informal economy and integrating more individuals and businesses into the formal financial system. Financial inclusion in Nigeria has risen from 68% in 2020 to 74% in December 2023, propelled by fintech innovations and digital assets, as per data from Enhancing Financial Innovation and Access (EFInA).
Addressing the conference, Eli Hini, CEO of MoMo PSB, underscored the challenges SMEs encounter in attracting interest and investment. Hini emphasized the importance of strong organization, stating, “When your business is well-structured and accessible, it becomes appealing to potential investors and partners, paving the way for additional solutions that can drive your business forward.”
Hini highlighted MoMo PSB’s role in revolutionizing SME operations by providing a platform offering convenient online payments, international remittance options, and the capability to accept payments from various sources. “These solutions eradicate the need for cash transactions, saving time, mitigating risk, and providing transparent records for improved financial management. By simplifying business processes and granting access to new opportunities, we believe we are equipping SMEs for future growth,” he added.
MoMo PSB’s continuous efforts to enhance financial inclusion represent a critical component of Nigeria’s economic progress and stability, furnishing SMEs with the resources they require to excel in an increasingly digital economy.
