Sage Grey launches initiatives to boost SME growth

Sage Grey Technologies Limited has unveiled TradePlus Marketplace, TradePlus Vendor Loan Scheme and Isolo Tech Facility to boost Small and Medium-scale businesses in the country.

The unveiling of TradePlus MarketPlace and TradePlus Vendor Loan Scheme and the inauguration of Sage Grey Tech Isolo Facility were recently held in Lagos.

The Managing Director of Sage Grey Technologies Limited, Mr Temitope Runsewe, said, “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.

“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.”

“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.”

Also, an Investment and Technology Promotion Associate at the Investment and Technology Promotion Office, Lagos, Mrs Hyeladzira Battah-Mhya, 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.

Given the current economic challenges, Battah-Mhya stated that those initiatives would significantly alleviate the financial difficulties and harsh conditions that SMEs are currently experiencing.

On his part, the Deputy Executive of the Nigerian Association of Small and Medium Enterprises, Mr Samson Gbadamosi, stated, “These timely initiatives support the marketplace by allowing SMEs to transact digitally with innovative technology. I hope they will be sustainable.”

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 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,” Gbadamosi added.

On his part, a Non-Executive Director of Sage Grey Technologies Limited, Adejumo Atiba, emphasised that SMEs are crucial for economic growth in Nigeria, as they employ a large portion of the population.

He noted that despite the unfavourable economic situation, Sage Grey Technologies was committed to supporting SMEs.

“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 those initiatives were vital for growing the Nigerian economy.

As of December 2021, Nigeria had at least 39,654,385 micro, small, and medium enterprises (MSMEs), marking a 4.5 per cent decrease from 2017, when there were 41,543,028 MSMEs, according to the Small and Medium Enterprises Development Agency of Nigeria.