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Why can’t small businesses access finance?

VerifyMe Nigeria CEO Eshigie Aguele said the lack of a trust infrastructure is hindering the growth of small and medium enterprises (SMEs) in Nigeria.

In a statement provided to The PUNCH on Thursday, Aguele made the announcement while serving as a special guest on the Fidelity SME forum.

He said: “One of the biggest barriers to small business growth in the United States is the lack of confidence in the infrastructure that will support sustainable growth in the sector.

This gap also hinders development prospects due to a lack of reliable consumer information.” for small business entrepreneurs.

For example, VerifyMe’s B2B platform, QoreID, connects businesses with trusted identities and consumer analytics, enabling financial institutions such as banks, fintechs and lenders to lend to SMEs faster and more securely.

The Know Your Business verification platform provides lenders with accurate business reports, making it easy to evaluate your company. We also provide our clients with reports on these companies.

VerifyMe deploys a strong team of over 40,000 Tier 3 account opening and business verification agents nationwide, enabling SMBs to overcome compliance hurdles, improve their skills, and gain access to financial products.

This is an example of how digital identities drive scale, compliance, and access to capital.”

According to him, one of the main barriers to the introduction of know-your-customer technology is the belief that this service is too expensive and out of reach for most small businesses.

“Digital, especially VerifyMe, is leading the way in reducing KYC fees in Nigeria.

When we entered the market it cost us 25,000 naira to make sure people open accounts.

Downgraded to N600. Also, analyzing loans of hundreds of thousands or millions of naira will cost around 200-300 naira.

Therefore, we make sure that the price is reasonable for everyone who uses our VerifyMe service.

” Offering solutions to these hurdles, VerifyMe’s CEO noted that SMEs are struggling to capitalize on business growth opportunities that expand their operations by providing digital identity and consumer analytics.

Unlock the growth of the ecosystem.

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