Doroki, Visa, Paga, Partner to Transform Transaction of SMBs
Doroki, a platform focused on digitizing small-to-medium businesses, has announced the launch of Business Connect and Grow – a transformational suite of digital tools for small-to-medium businesses (“SMBs”) in partnership with Visa, and Paga.
The Business Connect and Grow platform will initially be focused on Nigeria. It will offer multiple digital payment collection methods and vital business support solutions.
In Lagos, over 5,000 merchants have Business Connect and Grow already.
Each of the partners will contribute distinctively – Visa will enable the issuance of Visa credentials as well as payment acceptance using Visa QR Code, while Paga provides the robust payments infrastructure that powers the ledger, accounts, and payment rails for Doroki.
The latest development builds on the Visa-Paga partnership, formalised in March 2020 to drive digital acceptance and financial access in Nigeria.
The Business Connect and Grow platform reinforces the continued commitment of Paga and Visa to help drive business growth across Africa.
SMBs will have access to an affordable mobile device configured with secure Visa payment acceptance for cards and QR codes.
The application allows customers to pay however they wish – via cards, QR codes, bank transfers, USSD, payment links or nearby payments.
In the near future SMBs will also be able to initiate payroll, build credit history, receive micro-loans, and manage their working capital.
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The application is free to download; merchants who already use Paga’s payment collection suite can simply update their existing app and benefit from an enhanced customer experience.
As SMBs comprise 90% of all businesses in Sub-Saharan Africa, the market opportunity is significant.
Many struggle to sell efficiently, lack the systems and/or digital infrastructure to track inventory, and primarily trade in cash.
Online retailers also face trust issues with customers who have to pay ahead with little-to-no recourse and poor delivery logistics.
Commenting on the partnership, Tayo Oviosu, Founder & CEO of Paga Group, said; “Small and medium-sized businesses are 90% of Nigeria’s economy. There is a massive opportunity to digitize Nigeria’s largely informal economy and increase affordability for SMBs to make and accept digital payments.
They need support to turn digital business to their advantage and to make life easier for consumers. Business, Connect, & Grow does this. Businesses in Nigeria struggle to sell efficiently, and ourgoal with Doroki is to leverage the payments infrastructure of Paga to solve their problems.” He concluded.
On his part, Okusanya, Oluwakemi, Vice President, West Africa, Visa, said: “Connecting Nigeria’s small and medium-sized businesses to the digital marketplace is essential to help this core segment of the national economy fully recover from the effects of the COVID-19 pandemic and to drive renewed and sustainable growth. Visa recognises how important it is to support SMEs in joining the digital banking landscape.
The Business Connect & Grow platform will enable them to create new jobs and new opportunities, access new payment solutions and bring positive, lasting change to communities.”
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