By 2025, Microsoft Corporation plans to empower ten million small and medium-sized businesses.
This information was disclosed by Lillian Barnard, the president of Microsoft Africa, at a press appearance in Lagos where she also announced a five-year strategic relationship with Flutterwave.
In order to support SMEs’ growth and promote strategic collaboration, Microsoft intends to provide them with the fundamental tools, infrastructure, and scaling support, according to Barnard.
“Microsoft is committed to accelerating economic growth in Africa through the transformative power of technology,” she said. “A key part of this involves making it possible for SMEs to acquire the digital financial tools and services they need to succeed.”
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“We believe that having more access to technology and innovation holds the key to creating strong local economies and thriving local businesses that will enable a better future for all.”
She also mentioned how the informal sector, which accounts for seven out of ten jobs in the nation and around 40% of the Gross Domestic Product of all economies, and SMEs are being helped by fintechs.
Lack of access to financial services and the inability to do business effectively across local payment methods are major obstacles for both SMEs and startups.
Around 90% of transactions in Africa still take place in cash, yet up to 50% of small firms lack access to finance.
“To drive sustainable growth in Nigeria, small businesses need the ability to participate more actively in the local and even international marketplace,” said Ola Williams, the country manager of Microsoft Nigeria. The incorporation of digital finances comes first.
“We must start by providing these businesses with the digital financial services they need, not just to survive, but to thrive,” the author writes, “if we want to build a more resilient country and, in the end, a more prosperous continent.”
The strategic alliance between the payment technology provider and Microsoft Azure seeks to promote small business development all throughout the continent of Africa and speed up payment innovation.
Approximately 90% of the population is employed by SMEs, which are still essential to Africa’s growth since they foster innovation to address societal problems.
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