NIGERIA: Innovectives Expands to Digitize 1 Million SMEs, Obtains CBN License for PSS

Innovectives, a transaction solutions company focused on making wealth possible through innovation, has launched a 5-year mandate to empower 1 Million SMEs across frontier markets.

Innovectives is a member of US-based Index Group, with over 8 years operating experience in digital financial services covering key markets in Africa and Europe.

According Emmanuel Agha, Group Managing Director at Index Group, “our journey to expanded opportunities for 1 Million SMEs in frontier markets is now fully on course, following the procurement of major strategic partnerships with leading payment schemes and impact investors”.

This lofty mission begins in Nigeria, where Innovectives has just secured 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 make up about 98% of total number businesses, with an output of 40% contribution to gross domestic product (GDP).

Yet, even with SMEs’ strong participation in Africa’s economy, their growth is limited by inadequate access to finance and e-commerce channels, along with gaps in practical business training and safety nets.

Through Innovectives’ SME digitization suite, Small Businesses have a better chance at growth and prosperity, by accessing current accounts, online and in-store payment checkout, an easy-to-use web store, quick loans, bespoke trainings and much more.