To boost the contributions of Small and Medium Scale businesses (SMEs), to the nation’s economy through social funding, the Federal Government has been urged to embrace social financial platforms, and come up with a regulatory body to oversee their activities.

The Chief Executive Officer, My Liberty Family (MLF), a social network concerned with improving the social wellbeing of all family members, Francis Adesokan, made the call in Lagos, at the first anniversary of the group, and unveiling of its media platform, to expand its operations.He said: “It is believed that Small and Medium Scale businesses (SMEs) are the country’s growth engine, yet hardly does any financial institution help them.”

SMEs are essential providers of jobs and economic growth, with the World Bank reporting that 95 per cent of jobs in low-income countries are created by SMEs. They also account for about one- third of the country’s gross domestic product, GDP, and are an essential part of domestic private sector and are a priority in any country’s economic reform.
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He argued that the creation of a regulatory body to oversee the activities of the platforms will check abuses and open up an avalanche of opportunities inherent in the system for more Nigerians.He said MLF within its first year of operation has impacted many registered members (Libertarians), and turned them into first time millionaires.

He argued that unlike other multi-level marketing schemes, which empower a few early registered members and keep others as slaves, MLF was created to help Libertarians receive financial support from other family members, and it never keeps anyone at the top of the pyramid for long, neither does it enslave any.

He informed that the platform, SeamWith, is an innovation with other interesting modules created to help users feel at home, and enjoy several benefits in addition to financial gains.“On SeamWith you can have 200 friends with whom you can discuss business and financial ideas. Joining SeamWith is free and allows the user to seam with other users.

“One can create ‘Seamer’s Hall, akin to the web page, SeamCircle, which is the general timeline page, and SeamBox which is the video-sharing platform. The SeamCentre, which offers a one-stop digital library for authors, publishers, developers,” he explained.
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