nairaCompare and ASBON Unite to Fuel SME Growth in Nigeria

Lagos, Nigeria - March 20, 2024 - In a strategic move poised to reshape the financial landscape for Nigeria's dynamic small business sector, nairaCompare, the nation's leading digital financial marketplace, has forged a game-changing partnership with the Association of Small Businesses of Nigeria (ASBON). This collaboration brings together nairaCompare's cutting-edge fintech solutions and ASBON's extensive network of over 40,000 small business owners spanning the breadth of the country.

Through this alliance, ASBON members will gain unparalleled access to nairaCompare's comprehensive suite of Providers, who offer loan, savings, and investment products. Designed to empower small businesses, these offerings will provide the much-needed financial fuel to drive growth, innovation, and economic prosperity across Nigeria's entrepreneurial ecosystem.

Achia Tor-Agbidye, Head of Growth and Customer Experience at nairaCompare, expressed his excitement about the company's partnership with the Association of Small Businesses of Nigeria (ASBON). "We are thrilled to join forces with ASBON in our shared mission of driving financial inclusion and economic empowerment for Nigeria's small business community," he said. "This partnership reinforces our commitment to providing Nigerians with seamless access to the financial tools and resources they need to thrive, and we are confident that our collaboration will unlock a world of opportunities for the nation's hardworking entrepreneurs."

Dr. Femi Egbesola, National Chairman of ASBON, echoed this sentiment, highlighting the perfect alignment between the partnership's goals and ASBON's mission. "Our partnership with nairaCompare aligns perfectly with our goal of empowering our members with the resources they need to navigate the challenges of running a successful business," he said. "By leveraging nairaCompare's expertise and innovative solutions, we can better equip our members with the financial literacy and access to products they need to thrive in today's dynamic business landscape."

One of the most significant challenges faced by ASBON members is access to finance. "Most financial institutions are averse to dealing with micro and small businesses, often citing concerns over collateral or the perceived risk of non-repayment," explained Dr. Femi. "Through our partnership with nairaCompare, we can break down these barriers and provide our members with more accessible financing options, tailored to their unique needs and aspirations."

ASBON, a privately created and operated association, has long been at the forefront of advocating for the interests of Nigeria's micro, small, and medium enterprises (MSMEs). With a diverse membership spanning various sectors, including agriculture, manufacturing, commerce, and oil and gas, ASBON plays a pivotal role in nurturing and supporting the growth and development of small businesses nationwide.

ASBON's unwavering commitment to supporting its members extends beyond financial assistance. The association actively engages with policymakers, regulators, and international organizations to advocate for policies and initiatives that foster an enabling environment for small businesses to flourish.

One of ASBON's notable achievements is its successful advocacy for tax reforms that exempt small businesses with an annual turnover of 25 million naira or less from certain taxes, easing the financial burden on these enterprises. Additionally, through its collaboration with the Presidential Enabling Business Environment Council (PEBEC), ASBON has secured discounts for its members at critical government agencies, such as the National Agency for Food and Drug Administration and Control (NAFDAC), the Corporate Affairs Commission (CAC), and the Nigerian Export Promotion Council (NEPC).

The partnership between nairaCompare and ASBON represents a significant step towards fostering an inclusive and sustainable ecosystem for small businesses in Nigeria, driving economic growth, creating employment opportunities, and fostering a thriving entrepreneurial culture across the country.

Leveraging the nairaCompare platform, ASBON members will gain invaluable insights and into funding opportunities, equipping them with the knowledge to make informed financial decisions for their businesses' growth and long-term sustainability.

"Small businesses are the backbone of our nation's economy, and their success has a ripple effect on the well-being of families and communities," Achia remarked. "By supporting and nurturing these enterprises, we are not only driving economic growth but also creating opportunities for individuals to improve their livelihoods and pursue their entrepreneurial dreams. We are excited to embark on this transformative journey with ASBON and contribute to the success of Nigeria's small business community. Together, we can unleash the full potential of these enterprises, driving innovation, job creation, and economic prosperity for all Nigerians."

As nairaCompare and ASBON embark on this transformative journey, both organizations remain steadfast in their commitment to driving positive change and creating a better future for Nigeria's small business community. Through their combined efforts, they aim to empower entrepreneurs, fuel innovation, and contribute to the nation's overall economic prosperity, shaping a brighter and more inclusive tomorrow for all Nigerians.

nairaCompare: nairaCompare is your premier destination for comprehensive financial comparisons. Our platform empowers users to make informed decisions by offering side-by-side evaluations of loans, savings options, and investments. With a focus on key factors such as interest rates, repayment terms, and tailored features, we ensure that you find the perfect financial solution to suit your unique needs.

We understand that for small businesses, Nigeria's financial landscape can be overwhelming. nairaCompare cuts through the noise by being your one-stop shop to compare business loans from various lenders. Simply enter your loan amount and period, and nairaCompare will instantly match you with the best options based on interest rates, repayment terms, and eligibility requirements.

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