Global payment giant Mastercard has signed a Memorandum of Understanding (MoU) with the Lagos State Employment Trust Fund (LSETF) to provide access to digital, payment and training tools for micro, small and medium enterprises (MSMEs) in order to boost their capacity to grow their businesses while supporting the startup fintech community in Lagos.
Under the terms of the MoU, LSETF will leverage Mastercard’s technology, expertise, partnerships, training, and cyber intelligence solutions to improve the business environment via entrepreneurship, employability, skills development, and financial inclusion.
The MoU aligns with Mastercard’s focus on localising its solutions to address specific market needs. It also shows a deep understanding of the dynamics of the payments ecosystem in Nigeria, as well as Mastercard’s commitment to connecting and empowering an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible.
Mastercard partners LSETF to drive digital financial inclusion for MSMEs in Lagos Specifically, Mastercard will collaborate with LSETF to provide SME-in-a-Box – a new low-cost payments solution that enables small business owners to move their businesses online and accept a range of digital payments from their customers, moving beyond person-to-person payments. Mastercard also provides advisory and technical support to drive this digital-first strategy in accordance with local and global best practices.
SME-in-a-Box offers business owners a wide range of financial services and payment options (contactless and QR payments) via a single intuitive app compatible with all NFC-enabled devices. Provides quick and easy access to Additionally, Mastercard offers SMBs a plug-and-play e-commerce store builder with instant online checkout through its Simplify Commerce service.
MSMEs also have access to Mastercard Academy’s virtual cards and other payment solutions, including Entrepreneurs Odyssey, and educational content for global entrepreneurship. These capabilities are packaged as bundled solutions to drive adoption and help business owners increase sales and thrive in their new operating environment. They will also advance LSETF’s goal of creating employment and entrepreneurial opportunities for Lagos residents and empowering them to achieve their ambitions by providing leverage and access to finance.
Established in 2016, LSETF combats unemployment and promotes entrepreneurship in Lagos State by providing job creation and wealth creation opportunities for Lagos residents. To date, over 70,000 entrepreneurs have benefited from this fund. The Foundation prides itself on its transparency, integrity and inclusiveness, catalyzing an enabling environment for growth.
LSETF Executive Director Teju Abisoye said that Nigeria, like most developing countries, is suffering from unemployment as one of the biggest challenges facing its economy and that entrepreneurship can provide jobs and wealth to its residents. continued to be a viable option for providing opportunities to build
“Collaboration with Mastercard will have a significant impact on how MSMEs operate, providing innovative tools and knowledge to business her owners. This will not only support our vision of achieving digital financial inclusion for MSMEs, but also help facilitate the uptake of innovation within Lagos’ dynamic business ecosystem,” said Abisoye. says.
Mastercard’s West Africa Country Manager and Area Head of Business He Ebehijie Momoh said that even though MSMEs play an important role in Nigeria’s socio-economic development, MSMEs are expected to grow sustainably. said it faces a number of hurdles that will adversely affect Finance, business training, formal credit, infrastructure deficits and more.
MoU will promote diversified growth opportunities for MSMEs and ultimately provide a technologically innovative environment for fintech start-ups and diversified opportunities to leverage Mastercard assets. , enabling MSMEs to actively participate in the digital economy.