Traction Raises $6 Million Seed as Nigeria’s Merchant Acquiring Space Continues to Heat Up
Micro, small, and medium-sized firms (MSMEs) constitute the backbone of the Nigerian economy, accounting for more than 60% of GDP growth and playing a crucial role in job creation. According to the National Bureau of Statistics, there are over 39 million such firms, and 87% operate informally, meaning they primarily receive cash and perform activities on paper.
Photo courtesy of Arne Hoel.
Source: TechCrunch (link opens in a new window)
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- Finance, Investing, Technology
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- financial inclusion, fintech, MSMEs
