Electronic payment processing giant eTranzact International Plc has made a fresh push for the accelerated adoption of digital payment infrastructure across Nigeria’s Micro, Small, and Medium Enterprises (MSMEs) sector, warning that continuous over-reliance on cash inhibits economic scale, financial inclusion, and operational efficiency.
The financial technology firm voiced this stance during the SMEDAN/eTranzact Town Hall Engagement held in Lagos, organized alongside the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Hosted under the theme “Financial Literacy and Inclusion for MSMEs Leveraging Fintech Innovation,” the session gathered small business stakeholders, industry leaders, and policy advocates.
Addressing attendees, Mrs. Abimbola Reis, Divisional Head of Merchant Services at eTranzact, highlighted the critical role small enterprises play in the national economy while outlining the structural hurdles that holding them back.
Mrs. Reis pointed out that despite accounting for nearly 40 million enterprises nationwide, small businesses constantly contend with tight cash flows, weak bookkeeping, and minimal access to formal credit markets.
“Heavy reliance on cash exposes small enterprise owners to physical security threats and complicates daily financial reconciliation. Unlocking access to tailored digital tools is essential to overcoming these trust barriers and driving long-term enterprise growth.” — Mrs. Abimbola Reis, Divisional Head of Merchant Services, eTranzact
To address these pain points, eTranzact showcased its flagship solutions, including Credo—a specialized merchant payment gateway for seamless collection—and PocketMoni, its CBN-licensed mobile money platform.
Speaking on behalf of SMEDAN Director-General Charles Odii, Prof. Yinka Fisher emphasized that public-private synergies are vital to equipping local merchants with modern financial skills. ”The essence of this engagement is to share practical ideas and concepts that help MSMEs thrive. Our alliance with eTranzact centers on expanding horizons for small businesses and guaranteeing sustained growth.”
”The essence of this engagement is to share practical ideas and concepts that help MSMEs thrive. Our alliance with eTranzact centers on expanding horizons for small businesses and guaranteeing sustained growth.” stated Prof. Yinka Fisher.
Reinforcing this position, Dr. Praise Adedigba, representing Sola Obadimu, Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), noted that traditional hard work must be paired with digital tools for businesses to remain competitive.
By expanding tailored fintech platforms and nationwide literacy campaigns, eTranzact and SMEDAN aim to help micro-enterprises build verifiable transaction histories, streamline payment acceptance, and secure their place in Nigeria’s expanding digital economy.
