eTranzact partners with EDC to revolutionise MSMEs in Nigeria
By Esther Agbo
To enhance the adoption of Artificial Intelligence (AI) among Nigeria’s micro, small, and medium enterprises (MSMEs), fintech firm eTranzact International Plc has joined forces with the Enterprise Development Centre (EDC) of Pan-Atlantic University.
The partnership, announced in Lagos by eTranzact’s Managing Director/Chief Executive Officer, Niyi Toluwalope, seeks to conduct a survey and assess MSMEs’ readiness for AI and empower them to thrive in the digital age.
He said, “Through this collaboration, we aim to ignite a movement that equips our MSMEs with the knowledge and tools necessary to thrive in a world increasingly driven by AI.”
Rather than focusing solely on technological integration, this initiative is designed to prepare Nigerian businesses for a comprehensive digital transformation. According to Toluwalope, the survey results will provide critical insights for policymakers, investors, and business owners, shaping the future of AI in the MSME sector.
“This initiative goes beyond technology; it is about empowering businesses to enhance efficiency, customer experience, and growth potential,” Toluwalope said, emphasising the long-term benefits AI can bring to small businesses.
The pilot phase will kick off with 30 SMEs before expanding to 3,000 businesses nationwide. This broad reach will provide a clearer understanding of the challenges and opportunities MSMEs face in adopting AI, with data collected from key cities like Lagos, Kano, Abuja, Enugu, and Rivers.
The results, gathered through both qualitative and quantitative methods, will highlight critical gaps and strategies to overcome barriers to AI adoption.
Moreover, Toluwalope added that, one key component of the initiative is eTranzact’s innovative technology solution, Credo, which will serve as the backbone for the AI Readiness Survey, helping businesses explore AI integration as a strategic tool.
Beyond technological advancement, the collaboration also focuses on education.
The African Director of the Global AI Council, Freda Anyanwu, encouraged MSMEs to view AI as a valuable tool for growth, urging businesses to embrace AI rather than fear it.
This sentiment was echoed by EDC’s Director for Programmes and Partnerships, Olawale Anifowose, who noted that AI holds immense potential for developing new products and driving innovation within Nigeria’s entrepreneurial ecosystem.
He added that with over 300,000 entrepreneurs in its network, the EDC is poised to lead this AI-driven transformation, equipping Nigerian MSMEs with the knowledge and tools needed to excel in a rapidly evolving global market.
