Digital payment platforms, RoutePay and 9PSP, have called on micro, small, and medium enterprises in Nigeria to embrace digital financial solutions to improve their operations and profitability.
The advice was given during a recently held webinar hosted by the Routelink Group, the parent company of RoutePay, titled ‘Driving Financial Inclusion through Innovative Digital Payment Solutions’.
The guest speaker, a group head at 9PSB, Akeem Salam, said integrating digital payment systems could help MSMEs achieve higher sales volumes and profitability.
9PSB is partnering with RoutePay in the deployment of its digital solutions.
Apart from being useful in monitoring sales and revenues, Salam said digital solutions were more secure than cash.
“Handling cash poses various risks, while digital payments allow for traceability, making it easier for merchants to identify fund leakages.
“Additionally, with digital payments, you can monitor your transactions in real-time using mobile devices or laptops. Digital payment options facilitate business scaling. For instance, you can operate from Ikeja and sell to customers anywhere in the country. This allows entrepreneurs to expand their businesses without the need for multiple physical locations,” he stated.
Noting that many MSMEs hesitate to transition to digital solutions due to concerns over cybersecurity and the costs associated with digital adoption, he stated that businesses should leverage digital payment infrastructure to achieve their objectives while addressing the issues of security for their transactions and funds.
According to Salam, financial literacy and financial inclusion are vital for the successful management of businesses.
“By digitising your operations and payment processes, you can save money. It is safer to receive payments via bank transfers since you won’t have to worry about counterfeit notes or counting cash at the end of the day only to find discrepancies,” he added.
On his part, the Managing Director of RoutePay, Abayomi Olomu, observed that with the increasing availability and accessibility of e-wallets and fintech platforms, MSMEs must actively explore those financial tools to streamline operations, improve cash flow management, and enhance overall efficiency.
“We have 40 million Nigerians running small businesses, so financial inclusion for these individuals is important. That is why RoutePay is here to help empower them with innovative products and services that can help them overcome challenges,” he said.
