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4,000 MSMEs to get SMEDAN’s digital financing tools

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has signed a Memorandum of Understanding (MoU) with Bloc, a banking service and FinTech infrastructure…

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has signed a Memorandum of Understanding (MoU) with Bloc, a banking service and FinTech infrastructure company, to provide digital financing platforms for Micro Small and Medium Enterprises (MSMEs).

The pact will see SMEDAN in conjunction with Bloc, design an automated referral platform that allows MSMEs to rapidly access services that are beneficial to their business model from FinTech companies operating in Nigeria and connected to the Bloc infrastructure.

Speaking at the signing ceremony which took place recently at the corporate headquarters of the agency in Abuja, the Director General and Chief Executive Officer of SMEDAN, Mr Wale Fasanya, said “Nigeria has over 4,000,000 registered FinTechs, SMEDAN is always thinking of ways by which we can improve their existence, our success is measured by how much we can do for them, and we believe we have shown our own level of innovation by developing this platform with Bloc

The Business Development Officer of Bloc, Mr Kingsley Ikart said as an infrastructure company that provides services to other FinTechs, the platform designed by both SMEDAN and Bloc would allow some of these FinTechs to extend their brilliant services to Nigerian MSMEs.