Microsoft Corporation has announced its commitment to empowering ten million small and medium enterprises (SMEs) by the year 2025. This announcement was made by the President of Microsoft Africa, Lillian Barnard, during a press conference in Lagos, where Microsoft unveiled a five-year strategic partnership with Flutterwave.
Microsoft’s plan is to provide SMEs with essential tools, infrastructure, and support for scaling their businesses. The aim is to facilitate their growth and promote strategic collaboration. The company believes that technology and digital financial tools and services are key to boosting economic growth in Africa.
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Lillian Barnard emphasized Microsoft’s commitment to fast-tracking economic growth in Africa through technology. Providing SMEs with access to these tools and services is seen as a crucial step in helping local businesses thrive and contribute to stronger economies.
Barnard also highlighted the importance of fintech companies in assisting SMEs and the informal sector, which plays a significant role in employment and GDP contribution in African economies. However, access to financial services remains a challenge for SMEs, as many transactions are still cash-based, and a significant portion of small businesses lacks access to credit.
Ola Williams, the Country Manager of Microsoft Nigeria, emphasized that digital financial inclusion is a fundamental step in driving sustainable growth for small businesses in Nigeria. Providing them with the necessary digital financial services is crucial for their survival and success in the local and global marketplace.
Microsoft’s strategic partnership with Flutterwave aims to accelerate payment innovation in Africa and support the growth of small businesses across the continent. SMEs are vital for Africa’s development, as they employ a significant portion of the population and drive innovation to address societal challenges. However, they face obstacles such as limited access to financial services and challenges in conducting seamless transactions using local payment methods. Microsoft’s initiative seeks to empower and uplift SMEs in Africa by providing innovative solutions to these challenges.
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