EMPOWERING NIGERIA’S MSMES

BLOSSOM DEJI-FOLUTILE writes that Kuda business is fuelling entrepreneurial growth across the country

As the world celebrates Micro, Small, and Medium-sized Enterprises (MSME) Day on June 27, it is crucial to recognise the vital role these businesses play in driving sustainable development.

In Nigeria, MSMEs are the backbone of the economy, contributing significantly to employment, innovation, and economic growth. In this landscape, Kuda Business has emerged as a transformative force, providing a comprehensive business management and banking platform that supports over 100,000 freelancers and MSMEs.

Since its launch in 2022, Kuda Business has been at the forefront of addressing the unique challenges faced by Nigerian entrepreneurs, offering solutions to enhance financial management and operational efficiency.

MSMEs in Nigeria are pivotal to the country’s economic stability and growth. According to the National Bureau of Statistics (NBS), MSMEs account for 96% of businesses and 84% of employment in Nigeria. They contribute approximately 48% to the national GDP. Despite their significant contributions, these enterprises often face numerous challenges, including limited access to finance, inadequate infrastructure, and regulatory hurdles.

Kuda Business has tailored its offerings to meet the specific needs of MSMEs, providing tools and features that simplify financial management and enhance business operations. With a user-friendly interface and efficient banking processes, Kuda business stands out as a preferred choice among Nigerian entrepreneurs seeking agility and accessibility.

One of the standout features of Kuda business is its ability to distinguish between personal and business accounts. This separation is crucial for business owners, as it safeguards their assets and ensures clearer financial management. Nosa Oyegun, VP of Product Innovation & Strategy at Kuda, emphasizes this point: “Our solution tackles critical challenges that were previously major pain points for these entrepreneurs. Kuda has broken down financial barriers for countless small businesses throughout Nigeria.”

In addition to this, Kuda Business offers features like Sales Mode, Kuda Payroll, and business registration directly through its mobile app. These tools are designed to streamline operations, allowing business owners to focus on what they do best—running their businesses. The platform also supports bulk transfers and business bill payments, further simplifying day-to-day financial tasks.

Efficient cash flow management is crucial for the survival and growth of MSMEs. Kuda Business addresses this need with its seamless invoicing features and one-click payment options. These tools have transformed the payment collection process, improving cash flow health and reducing the risk of financial disruptions. As Nosa Oyegun notes, “One-click payments, seamless invoicing features, and streamlined bill payments have vastly improved the payment collection and management processes for businesses.”

By simplifying bookkeeping and financial tracking, Kuda Business helps enterprises maintain proper records, laying a solid foundation for credibility. This credibility is vital when applying for loans or seeking external funding, unlocking new avenues for growth. The low-fee model of Kuda Business provides a financial lifeline to MSMEs, enabling them to secure support and manage everyday transactions without undue financial strain.

The positive impact of Kuda Business on Nigerian MSMEs is evident in the testimonials from satisfied customers. The CEO of a mobile cocktail brand highlights the platform’s efficiency: “It makes running my business very easy. I am able to know what comes in for what and what moves out for what.” A freelance content creator echoes this sentiment, praising the seamless transaction experience: “I’ve been using Kuda for a few years now and it has been a seamless transaction experience. The best of the best.”

Nelson Godwin, who runs a creative and multimedia company, shares how Kuda Business caters to his specific needs: “I opened a Kuda Business account to access modern and efficient banking services that cater specifically to the needs of businesses like mine.” He particularly appreciates the invoicing tool: “The best feature for me is the invoicing tool, which helps streamline and track payments efficiently.”

In the last six months alone, Kuda Business has helped over 500 first-time entrepreneurs register their businesses. This support is crucial in empowering Nigerians to turn their business dreams into reality. By reducing the complexity of business registration and financial management, Kuda Business is fostering a new generation of entrepreneurs who are poised to contribute to Nigeria’s economic growth.

As Kuda Business continues to evolve, its commitment to supporting Nigerian MSMEs remains unwavering. The platform’s emphasis on reducing complexity, enhancing financial management, and providing innovative solutions ensures that it will continue to be a valuable partner for entrepreneurs. The anticipated growth in the number of businesses supported by Kuda Business highlights the platform’s potential to drive significant economic impact in the coming years.

On this year’s MSME Day, it’s important to celebrate the contributions of Nigerian MSMEs and acknowledge the critical role that platforms like Kuda Business play in their success. By offering a comprehensive suite of tools and features tailored to the needs of small businesses, Kuda Business is not only simplifying financial management but also empowering entrepreneurs to thrive. As Nigeria continues to nurture its vibrant entrepreneurial ecosystem, Kuda Business stands out as a beacon of support, innovation, and growth for MSMEs across the nation.

Deji-Folutile writes from Lagos