BrandArena: Mastercard partners with Alerzo to provide agile solutions to SMEs in Nigeria

Thursday, 27 July 2023

Mastercard partners with Alerzo to provide agile solutions to SMEs in Nigeria

Mastercard, a global leader in financial services, has partnered with Alerzo, Nigeria's largest technological service provider, to address the issues encountered by SMEs in the Fast-Moving Consumer Goods (FMCG) industry. This collaboration intends to empower businesses by providing digital payment solutions, financial training, and loans, ultimately leading to enhanced market sustainability and success.

Alerzo's expertise in B2B e-commerce and Mastercard's global infrastructure and network will be leveraged to make digital payments more accessible to businesses of all sizes. Through this partnership, a range of innovative solutions will be offered, including VeedezPay, a digital payment solution designed for informal and small businesses, VeedezPro, a comprehensive business management tool tailored for SMEs and ERP solutions for more established businesses. Additionally, micro-lending services will be made available to businesses using the VeedezPay and VeedezPro solutions.

The lack of digitization has been a major obstacle for SMEs in Nigeria, hindering their ability to tap into new sales opportunities, track sales and inventory, and access credit to grow their businesses. With the Alerzo-Mastercard partnership, these challenges will be addressed through a comprehensive approach that aims to equip 1,000,000 SMEs in Nigeria with valuable knowledge and skills through financial training within the next 5 years. This effort will accelerate the adoption of digital payments and encourage the use of financial solutions nationwide.

Speaking on this partnership and providing support to small businesses, the Chief Executive Officer of Alerzo Limited, Adewale Opaleye, said, "We're excited to partner with Mastercard to support the growth and success of SMEs 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."

"Nigerian small businesses have proved their resiliency in recent years, but still face many pressures to remain profitable. Through our partnership with Alerzo, we are excited to combine our expertise and resources to drive digital transformation and financial inclusion, providing training and solutions that enable Nigerian businesses to thrive," said Ebehijie Momoh, Country Manager and Area Business Head, West Africa at Mastercard. Momoh further added, "This collaboration will play a crucial role in digitizing payments and supporting the growth and success of Nigerian businesses."

SMEs and informal retailers will benefit from the low-cost acceptance solutions provided by the partnership, such as Tap on Phone, QR, Pay-By-Link, and Payment Gateway Service. Businesses can sign up for VeedezPay and VeedezPro, available for download on the App Store and Google Play, to start accepting digital and contactless payments immediately. Established businesses can inquire about the ERP solution, which offers integrated business management tools along with the above features.

Access to credit is crucial for businesses to grow, and the Alerzo-Mastercard partnership aims to address this need. Micro-lending solutions will be initially available to informal retailers through the Alerzoshop B2B commerce application, providing them with financial support to expand and take advantage of new opportunities. The impact of this partnership extends beyond individual businesses. By empowering SMEs and informal retailers, millions of people who rely on their small businesses to support themselves and their families will experience positive changes.

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