Innovectives, a transactional solutions company focused on creating wealth through innovation, has launched a five-year mandate to empower one million SMEs in border markets.
Innovectives is a member of Index Group, based in the United States, with over eight years of operational experience in digital financial services covering key markets in Africa and Europe.
According to the Managing Director of Index Group, Emmanuel Agha, “our journey to expand opportunities for a million SMEs in frontier markets is now fully engaged, following the securing of major strategic partnerships with payment systems and investors. leading impact “.
This noble mission begins in Nigeria, where Innovectives has just obtained a Payment Solutions and Services license from the Central Bank.
SMEs play a vital role as a driving force in developing economies. In Africa, they are estimated to account for around 98 percent of the total number of enterprises, with an output of 40 percent contributing to gross domestic product (GDP).
Yet even with strong participation of SMEs in the African economy, their growth is constrained by insufficient access to finance and e-commerce channels, as well as gaps in practical business training and safety nets.
Through Innovectives’ SME digitization suite, the company argued that small businesses have a better chance of growth and prosperity, by accessing current accounts, online and in-store payments, and a store. easy to use online, quick loans, tailored training and much more.