Sage Grey Technologies Limited recently launched several new initiatives aimed at enhancing Small and Medium-scale enterprises in Nigeria.
According to The PUNCH, the unveiling of the TradePlus Marketplace, TradePlus Vendor Loan Scheme, and the inauguration of the Sage Grey Tech Isolo Facility took place in Lagos.
The Managing Director of Sage Grey Technologies Limited, Mr. Temitope Runsewe, articulated the company’s mission, saying, “Our goal was to provide practical solutions through technology to create an immediate impact. With the TradePlus platform, we are confident that SMEs will gain more visibility, and the split functionality will allow them to sell in bulk. We identified a challenge in connecting rural sellers with urban buyers.”
He added, “Through this platform, retailers and SMEs can increase sales, and profitability, and even explore export opportunities. We have bridged the gap between trading and financing. Often, those who want to fund do not know how to do so, and those in need of funding do not know how to access it.”
Runsewe emphasized, “By creating a one-stop shop platform, we ensure that retail digital lending and inventory monitoring are streamlined. Nigeria is a vast country with significant challenges, and with many SMEs, the most effective way to reach them is through technology, which is the driving force behind our initiatives.”
Investment and Technology Promotion Associate at the Investment and Technology Promotion Office in Lagos, Mrs. Hyeladzira Battah-Mhya, praised the new Isolo facility and the other platforms for their potential to assist startups and SMEs.
She urged Sage Grey Technologies Limited to continue developing sustainable ideas to create a greater impact and maintain its leading position, noting that these initiatives could significantly ease the financial difficulties and harsh conditions faced by SMEs in the current economic climate.
Deputy Executive of the Nigerian Association of Small and Medium Enterprises, Mr. Samson Gbadamosi, highlighted the importance of these initiatives for digital transactions among SMEs.
He expressed optimism that these efforts would be sustainable, remarking, “These timely initiatives support the marketplace by allowing SMEs to transact digitally with innovative technology. I hope they will be sustainable.”
Gbadamosi also shared that NASME and Sage Grey Technologies Limited had recently signed a Memorandum of Understanding to provide loan facilities ranging from N500,000 to N5,000,000 to qualifying SMEs across Nigeria. He described this as a positive development, especially for young entrepreneurs with promising ideas but limited funding.
Gbadamosi noted, “However, SMEs need to be prepared for funding and bankability. Sage Grey’s efforts will set a standard for other organisations, improving the poor corporate governance currently seen in many SMEs. The world is going digital, and it is good for SMEs which helps to transact digitally in their comfort zone with innovative technology solutions across the globe.”
Non-Executive Director of Sage Grey Technologies Limited, Adejumo Atiba, underscored the significance of SMEs in Nigeria’s economic growth, given their role in employing a large segment of the population.
He reiterated Sage Grey’s commitment to supporting SMEs despite challenging economic conditions.
“The TradePlus marketplace provides SMEs with visibility and market access, while the vendor loan scheme helps bridge working capital gaps,” Atiba stated.
He concluded, “These initiatives are vital for growing the Nigerian economy.”
As of December 2021, Nigeria was home to approximately 39,654,385 micro, small, and medium enterprises reflecting a 4.5 percent decrease from 2017, when the number stood at 41,543,028, according to the Small and Medium Enterprises Development Agency of Nigeria.
