MasterCard, Alerzo, e-Trade Alliance partner to drive Nigerian financial inclusion

MasterCard this week has teamed with Alerzo and the USAID-funded e-Trade Alliance to increase the financial inclusion of 10,000 micro, small and Medium-sized enterprises (MSMEs) in Nigeria.

Folasade Femi-Lawal, MasterCard's West Africa country manager, and Adewale Opaleye, CEO of Alerrz, both highlighted that the relationship will help MSMEs overcome critical growth constraints. 

This public-private partnership will see solutions such as Alerzoshop and Veedez help SMSMEs improve their operations and financial access.

Alerzoshop is an all-in-one technology platform designed to equip micro-businesses, while Veedez streamlines business operations and payment processes. 

Femi-Lawal stated that the agreement is consistent with MasterCard's global goal of bringing one billion individuals and 50 million micro and small companies into the digital economy by 2025.

"Our collaboration with Alerzo and the e-Trade Alliance in Nigeria provides MSMEs with the digital tools and resources they require to thrive in today's digital economy," he stated.

According to Femi-Lawal, micro enterprises will benefit from smooth digital payments and comprehensive company management solutions, such as overcoming everyday difficult supply chain constraints, managing manual inventories, and improving access to financial services.

The collaboration will also introduce comprehensive digital solutions, such as Alerzoshop, a digital B2B marketplace, and Veedez, a digital payment and business management tool, as well as Mastercard's innovative payment solutions, such as Tap to Pay, QR codes, and Payment Gateway Services, to address the challenges that Nigerian MSMEs face.

Opaleye, CEO of Alerzo Limited, stated that Alerzoshop allows MSMEs to stock up using their phones, improving their access to suppliers and facilitating seamless digital payments via MasterCard's global network.

"Veedez is reinventing how small businesses function by assisting them in digitising procedures, identifying new sales opportunities, and increasing income, with microlending services providing critical financial support. 

"This program is part of our commitment to link millions of SMEs in Nigeria to a future where digital connectivity is incorporated into their operations, making them more profitable and rewarding," he said.