Microsoft Corporation has announced its commitment to empowering ten million small and medium-scale enterprises by 2025.
The President of Microsoft Africa, Lillian Barnard, revealed this during a press conference in Lagos while unveiling a five-year strategic partnership with Flutterwave.
According to Barnard, Microsoft plans to equip SMEs with essential tools, infrastructure, and scaling support, facilitating their growth and fostering strategic collaboration.
She stated that Microsoft is committed to fast-tracking economic growth in Africa through the transformative power of technology – a key part of which involves making it possible for SMEs to acquire the digital financial tools and services they need to succeed.
She expressed the belief that greater access to technology and innovation holds the key to building thriving local businesses that will create stronger economies to enable a brighter future for all.
She noted further that fintechs are helping SMEs and the informal sector, which creates a bulk of employment as they provide seven out of 10 jobs in the country and contribute about 40 per cent to the Gross Domestic Product, GDP of any economy.
A key challenge for both SMEs and startups is a lack of access to financial services and the inability to transact seamlessly across local payment methods.
The Country Manager of Microsoft Nigeria, Ola Williams, explained that to drive sustainable growth in Nigeria, small businesses need the ability to participate more actively in the local and even global marketplace which begins with digital financial inclusion.