August 2

Traction Raises $6 Million Seed as Nigeria’s Merchant Acquiring Space Continues to Heat Up

By Tage Kene-Okafor

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)

Finance, Investing, Technology
financial inclusion, fintech, MSMEs