Mastercard, the global payments giant, has announced a strategic collaboration with Alerzo, a prominent B2B eCommerce platform based in Nigeria, aiming to empower Small and Medium Enterprises (SMEs) through a comprehensive suite of digital payment solutions, financial education, and improved credit accessibility.
Over the course of the next five years, this partnership seeks to drive the widespread adoption of digital payment methods while also bolstering the uptake of financial tools among SMEs in Nigeria. An ambitious goal of providing practical financial training and knowledge to one million Nigerian SMEs has been set.
Leveraging Alerzo’s expertise in B2B eCommerce and Mastercard’s extensive global infrastructure and network, the collaboration intends to streamline the process for businesses of all sizes to embrace digital payment solutions. Notably, the introduction of VeedezPay, a specialized digital payment platform tailored to small and independent companies, is expected to be a game-changer.
Additionally, the partnership offers a range of low-cost acceptance solutions like Tap on Phone, QR, Pay-By-Link, and Payment Gateway Service, which will be of significant benefit to SMEs and informal retailers. By availing of these solutions, businesses can accept digital and contactless payments with ease, fostering a modern and efficient payment ecosystem.
Furthermore, the collaboration addresses a pressing issue faced by many Nigerian SMEs: limited access to formal credit. A mere 15% of Nigerian SMEs currently have access to such credit, leading to a staggering financing gap of $158.1 billion for micro, small, and medium-sized businesses (MSMEs) in the country. To address this challenge, the Alerzo B2B commerce application will offer informal retailers access to micro-lending services, further promoting financial inclusion and growth.
Alerzo’s existing commerce and payments platform already serves over 100,000 retailers, and with Mastercard’s support, it aims to expand its offerings and reach, ultimately benefiting a larger segment of businesses in Nigeria.
“With our combined expertise and resources, we look forward to continuing to provide training, financial support, and innovative payment solutions to businesses in Nigeria. These solutions could be a game-changer, especially for our informal retailers, who often get overlooked,” Adewale Opaleye, Alerzo CEO, says.