MasterCard has signed a memorandum of understanding (MOU) with the Lagos State Employment Trust Fund(LSETF) to provide micro, small and medium enterprises with increased access to digital, payment and training tools.
The MOU, which was in effect signed on Tuesday, will enhance the capacity of MSMEs to further cultivate their businesses while supporting the start-up Fintech community in Lagos.
In his speech, the Executive secretary LSETF, Teju Abisoye said: “Nigeria, like most developing countries, contends with unemployment; and entrepreneurship remains a viable option to empowering residents with jobs and wealth creation opportunities. Our collaboration with Master card will have a significant impact on the way MSMEs operate; equipping business owners with innovative tools and knowledge.
The country manager and Area Business Head, West Africa, MasterCard, Ebehijie Momoh further went on to say that “despite the critical role played by small and medium buinesses, we recognise that they face numerous hurdles that negatively affect their sustained growth. The MOU fosters multiple growth opportunities for MSMEs and ultimately equips them to become active participants in the digital economy by providing technological innovative conditions for Fintech startups and multiple opportunities to leverage MasterCard’s assets.
In a study by the United Nations Industrial Development Organization (UNIDO), MSMEs in Nigeria account for 96 percent of all buinesses, provide over 48 percent of all employment opportunities and contribute 50 percent of the national GDP. This proves that the MasterCard’s initiative is a welcomed development for them, and the nation at large.