Mobile payments have been on the rise in Nigeria since 2014. By May 2014, the total amount of mobile money transactions stood at 271 billion naira. By 2015, the number was at about 4 billion naira per month, according to Dipo Fatokun, the director of Banking and Payments System Department at CBN, but that is just “scratching the surface”. A lot more is to be expected from the mobile payments market in Nigeria.
One of the companies pushing this cause is fets, a mobile payment solution company. The company has announced its sponsorship of the 2017 Lagos Fashion and Design Week (LFDW). It will be the sole payment processing partner at the event.
Fets (Funds & Electronic Transfer Solutions Limited) will include its core fetswallet operations all throughout the event. It will also discuss the importance and benefits of mobile money for the SME sector as mobile payment provides entrepreneurs with many payment options and gives businesses the flexible solutions they need to make payment processing simple.
Speaking on the partnership, fets Managing Director, Mrs Omotade Odunowo said, “SMEs are highly critical to our country’s survival. SMEs can be used as a tool to solve unemployment as well as increase investment in the economy. One of fets’ goals is to educate SMEs on the benefits and ease of mobile payment, which will enhance their business. In Nigeria, mobile payment has become a very acceptable payment medium.
The greatest benefits for vendors will come from how seamlessly the mobile transaction element is integrated into the overall shopping experience.”
The Lagos Fashion and Design Week is now in its seventh year. The event was created to nurture local African talent, create awareness for the Nigerian fashion industry and an opportunity for entrepreneurs to grow.
Nigeria is currently going through a recession and SMEs are vital to the government’s desire to diversify the Nigerian economy and create more jobs, particularly among the youths. More investments into SMEs in the fashion industry will have a significant effect on Nigeria’s economy.