For FSI, MSMEs should be able to access financial services, irrespective of their location, size of business, and level of literacy or intelligence.“The barriers MSMEs have in accessing financial services and transacting in the same digital environment should be reduced to the barest minimum, given the level of growth of the digital economy in Nigeria.
FSI believes that a social, friendly, and secure financial inclusion solution for MSMEs will enable entrepreneurs in this region to save and invest money, receive monies and make payments digitally, have access to insurance services and funds as working capital and detect fraudulent transactions. “The MSMEs, especially the micro sector’s potential for expansion, are under-exploited, given the financing gap, as many of them raise funds through informal means,” it noted.
Source: Education Headlines (educationheadlines.net)
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