Innovectives to digitise 1m SMEs, gets CBN license
Innovectives, a transaction solutions company focused on making wealth possible through innovation, has launched a five-year mandate to empower one million SMEs across frontier markets.
Innovectives is a member of US-based Index Group, with over eight years operating experience in digital financial services covering key markets in Africa and Europe.
According to the Group Managing Director at Index Group, Emmanuel Agha, “our journey to expand opportunities for one million SMEs in frontier markets is now fully on course, following the procurement of major strategic partnerships with leading payment schemes and impact investors.”
This lofty mission begins in Nigeria, where Innovectives has just secured a Payment Solutions and Services license from the Central Bank.
SMEs play a vital role as a driving force in developing economies. In Africa, they are estimated to make up about 98 per cent of total number businesses, with an output of 40 per cent contribution to gross domestic product (GDP).
Yet, even with SMEs’ strong participation in Africa’s economy, their growth is limited by inadequate access to finance and e-commerce channels, along with gaps in practical business training and safety nets.
Through Innovectives’ SME digitization suite, the firm argued that small businesses have a better chance at growth and prosperity, by accessing current accounts, online and in-store payment checkout, an easy-to-use web store, quick loans, bespoke training and much more.