By 2025, Microsoft Corporation claims to have empowered ten million small and medium-sized businesses.
At a press conference in Lagos, Microsoft Africa President Lillian Barnard disclosed this information.
According to Barnard, the tech giant would provide SMEs with infrastructure, scaling support, and necessary tools to enable their growth and promote strategic partnerships.
Microsoft is dedicated to leveraging technology’s revolutionary ability to accelerate economic growth in Africa, and part of this entails enabling small and medium-sized enterprises (SMEs) to obtain the digital financial tools and services they require for success.
“We think that expanding access to innovation and technology is essential to establishing successful local businesses that will boost economies and pave the way for a better future for everybody.”
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She added that fintechs support the informal sector and SMEs, which generate the majority of jobs in the nation—they account for seven out of ten jobs and around 40% of the GDP of all economies.
In an effort to transform payments in Africa, Microsoft and Flutterwave also inked a five-year strategic agreement.
Lack of access to financial services and the inability to do business effectively across regional payment methods are major obstacles for both startups and SMEs.
“To drive sustainable growth in Nigeria, small businesses need to be able to participate more actively in the local and even global marketplace,” stated Ola Williams, the Country Manager of Microsoft Nigeria. Digital financial inclusion is the first step toward this.
“To drive sustainable growth in Nigeria, small businesses must be able to participate more actively in the local and even global marketplace,” she explained. This starts with financial inclusion through digital means. If we want to establish a more resilient country and, eventually, a more wealthy continent, we must start by providing these firms with the digital financial services they require to thrive, not simply survive.
”Flutterwave’s purpose has always been to assist businesses in overcoming barriers to financial services and connecting them to the global stage. It accomplishes this by accepting a variety of payment methods, including local and foreign cards, mobile wallets, and bank transfers.”
Flutterwave’s Founder and CEO, Olugbenga ‘GB’ Agboola, commented on the collaboration, saying, “In our journey at Flutterwave, we’ve always strived to touch lives by simplifying payments and connecting dreams to opportunities.” As we join forces with Microsoft today, it feels like a family reunion of visionaries and doers.
”The excitement in our staff is tangible since our collaboration is about transformation, not transactions. We are honored that Microsoft believes in our vision and has faith in our abilities. I’m delighted to report that we’re not only imagining an inclusive digital Africa; we’re building it.”
Flutterwave will also introduce transactable products on Azure Marketplace, including its SMB finance-as-a-service offering, as part of the collaboration, he said.
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