Routepay, 9PSB canvass digital financial solutions for MSMEs 

According to guest speaker Akeem Salam, a group head at 9PSB, integrating digital payment systems can help MSMEs achieve higher sales volumes and profitability. However, he noted that many MSMEs remain hesitant to transition to digital solutions due to concerns over cybersecurity and the costs associated with digital adoption.

Salam stated, “Businesses need to leverage digital payment infrastructure to help them achieve their objectives while addressing the issues of security for their transactions and funds.

“It is more secure to use digital payment options than cash. Handling cash poses various risks, while digital payments allow for traceability, making it easier for merchants to identify fund leakages. So MSMES must consider engaging with fintech solutions like RoutePay, which offer services that provide peace of mind.

“Additionally, with digital payments, you can monitor your transactions in real-time using mobile devices or laptops. Digital payment options facilitate business scaling; for instance, you can operate from Ikeja and sell to customers anywhere in the country. This allows entrepreneurs to expand their businesses without the need for multiple physical locations.”

He also emphasised the importance of adopting insurance as a critical component of financial infrastructure. “Insurance is essential because there are unforeseen events as business owners that you cannot anticipate. MSMEs can particularly benefit from insuring goods in transit, as anything can happen along the way. Therefore, along with establishing a digital wallet, it’s wise to consider insuring your goods.

“One factor that hinders the adoption of digital payment options is the perceived transaction costs. At 9PSB, we work with our partners to ensure those transaction costs are minimal.

“Financial literacy and financial inclusion are vital for the successful management of businesses. By digitising your operations and payment processes, you can save money. It is safer to receive payments via bank transfers since you won’t have to worry about counterfeit notes or counting cash at the end of the day only to find discrepancies.

“Moreover, you can take your business online to tap into a wider market, as more people now prefer shopping online. We encourage MSMEs to explore digital platforms that offer these services, which often come at little to no cost but with significant benefits.”

He also emphasised the importance of adopting insurance as a critical component of financial infrastructure. “Insurance is essential because there are unforeseen events as business owners that you cannot anticipate. MSMEs can particularly benefit from insuring goods in transit, as anything can happen along the way. Therefore, along with establishing a digital wallet, it’s wise to consider insuring your goods.

“One factor that hinders the adoption of digital payment options is the perceived transaction costs. At 9PSB, we work with our partners to ensure those transaction costs are minimal.

“Financial literacy and financial inclusion are vital for the successful management of businesses. By digitising your operations and payment processes, you can save money. It is safer to receive payments via bank transfers since you won’t have to worry about counterfeit notes or counting cash at the end of the day only to find discrepancies.

“Moreover, you can take your business online to tap into a wider market, as more people now prefer shopping online. We encourage MSMEs to explore digital platforms that offer these services, which often come at little to no cost but with significant benefits.”

Another expert, Abayomi Olomu, the host and managing director of RoutePay—a fintech company offering payment solutions—stressed that with the increasing availability and accessibility of e-wallets and fintech platforms, MSMEs must actively explore these financial tools to streamline operations, improve cash flow management, and enhance overall efficiency.

Olomu stressed that with the crucial role of the MSME sector in Nigeria’s economy, business owners must embrace digital financial solutions provided by fintechs like RoutePay to boost their enterprise.

“We have 40 million Nigerians running small businesses, so financial inclusion for these individuals is important. That is why RoutePay is here to help empower them with innovative products and services that can help them overcome challenges,” he said.