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Domestic business spending in Nigeria hits $400b

Domestic business spending in Nigeria hits $400b

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Mapping of domestic business spending through electronic payment hit $400biilion in 2017, a study by MasterCard has revealed.

The spending covers payments made for person to person transactions and person to business transactions.

Disclosing this in Lagos at the weekend, Dr Uzebu Uwa, a digital financial services specialist and business leader/acceptance development, said MasterCard figures will increase this year as more Nigerians embrace digital platforms for payment of transactions.

Speaking at the launch of Market by VConnect, an online mall of customers where qualified service professionals could find and connect with real customers anytime, Uwa said Nigerians are increasingly embracing digital payment solutions.

Such development, he said is driving person to person and person to business spending for transactions that need to be opened and closed.

He said MasterCard study carried out recently reveals that there are over 38 million micro enterprises in Nigeria, which requires the right digital payment and operational platforms to step up their game.

He said owners and managers of such businesses need to deploy the right technology and expertise to grow their businesses; but many of them are grappling with the challenge of building trust.

“There is no debate about the fact that there is huge financial spend in Nigeria, either for person to person or business to person. What is lacking is that most micro business organisations are grappling with the issue of building trust. A survey or mapping of business spending in Nigeria for 2017 reveals over $400billion.

“The demand for services is there at the demand side, but at the supply side, a lot needs to be done to add value by building the trust element.

“That is where VConnect has built the platform where such genuine needs could be met, by building the capacity of professional businesses to deliver services.”

Also speaking, Founder, VConnect, Deepankar Rustagi said many business in Nigeria now leverage on the power of having online presence by increasing sales and saving money through technology.

He said with platforms like VConnect, businesses in Nigeria could get more customers than they would have with just an offline store.

Rustagi said: “ VConnect is solving the issue of finding a reliable service provider in the industry, so it has created a way of ensuring trust between service professionals and customers on the platform with professionals providing identity.”

Also speaking, Executive Director, FATE Foundation, Adenike Adeyemi said many business in Nigeria could thrive, if the owners consider how to gain access to market; information; access to wider network and ability to take informed decisions.

She said: “The problem of business is not just access to funds or regulatory gaps but how to utilise information for value. Many home made products are constrained because of access to market. There is also the issue of wider range of services, referrals value, and using digital marketing platforms like VConnect.”

The post Domestic business spending in Nigeria hits $400b appeared first on The Nation Nigeria.

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