Sage Grey Launches Initiatives to Boost SME Growth
**Introduction and Unveiling of Initiatives**
Sage Grey Technologies Limited has unveiled TradePlus Marketplace, TradePlus Vendor Loan Scheme, and the Isolo Tech Facility to boost Small and Medium-scale businesses in the country. The unveiling was recently held in Lagos.
**Goal and Functionality of TradePlus Platform**
The Managing Director of Sage Grey Technologies Limited, Mr. Temitope Runsewe, stated, “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.”
Connecting Retailers and Increasing Sales
“Through this platform, retailers and SMEs can increase sales, 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.”
Streamlining Retail Digital Lending
“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.”
Commendation from Investment and Technology Promotion Office
Mrs. Hyeladzira Battah-Mhya, an Investment and Technology Promotion Associate at the Investment and Technology Promotion Office in Lagos, commended the launch of the Isolo facility and other platforms for their potential to support startups and SMEs with funding and innovative technology. Battah-Mhya encouraged the company to keep developing sustainable ideas to create a greater impact and maintain a leading position.
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**Alleviating Economic Challenges for SMEs**
Given the current economic challenges, Battah-Mhya stated that these initiatives would significantly alleviate the financial difficulties and harsh conditions that SMEs are currently experiencing.
**Support from Nigerian Association of Small and Medium Enterprises**
Mr. Samson Gbadamosi, Deputy Executive of the Nigerian Association of Small and Medium Enterprises (NASME), stated, “These timely initiatives support the marketplace by allowing SMEs to transact digitally with innovative technology. I hope they will be sustainable.”
**Memorandum of Understanding for Loan Facilities**
He mentioned that a month ago, NASME and Sage Grey Technologies Limited signed a Memorandum of Understanding to provide loan facilities between N500,000 and N5,000,000 to bankable SMEs across Nigeria. “This is a positive step. Many young entrepreneurs have great ideas but lack funds. However, SMEs need to be prepared for funding and bankability. Sage Grey’s efforts will set a standard for other organizations, improving the poor corporate governance currently seen in many SMEs.”
**Importance of Digital Transactions for SMEs**
“The world is going digital, and it is good for SMEs to transact digitally in their comfort zone with innovative technology solutions across the globe,” Gbadamosi added.
**Commitment to Supporting SMEs**
A Non-Executive Director of Sage Grey Technologies Limited, Adejumo Atiba, emphasized that SMEs are crucial for economic growth in Nigeria, as they employ a large portion of the population. He noted that despite the unfavorable economic situation, Sage Grey Technologies was committed to supporting SMEs.
**Providing Visibility and Market Access**
“The TradePlus marketplace provides SMEs with visibility and market access, while the vendor loan scheme helps bridge working capital gaps,” Atiba mentioned. He stressed that these initiatives were vital for growing the Nigerian economy.
**Statistics on MSMEs in Nigeria**
As of December 2021, Nigeria had at least 39,654,385 micro, small, and medium enterprises (MSMEs), marking a 4.5 percent decrease from 2017, when there were 41,543,028 MSMEs, according to the Small and Medium Enterprises Development Agency of Nigeria.
