Fuge Group has called on Small and Medium Enterprises (SMEs) operators to adhere to and embrace e-banking and digital financing to maximize profit during the COVID-19 pandemic period.
Speaking with Daily Sun, the Managing Partner of Fuge Group, Rex Moses, said that SMEs have to take the advantage which COVID-19 presented to scale up businesses, adding that e-banking and digital financing would help SMEs to stay afloat at this critical period.
According to him, some businesses have been negatively affected while others have benefitted. He hinted that one of those businesses that have benefitted is the digital payment aspect of the fin-tech industry.
He said there has been a spending pattern as people have now resorted to carrying out transactions in adherence to social distancing directives.
In alignment to that, he said the fin-tech industry is currently booming as demand for digital products and services has sky-rocketed during the pandemic period. He noted that individuals and small businesses offering these products and services are highly sought-after.
According to him, as social distancing continues to be a norm, customers have resorted to e-banking and digital products and services to meet their financial needs and the trend may continue even after the pandemic is over.
He added: “Small businesses, individuals and entrepreneurs can leverage on the pandemic situation to start-up or scale up their businesses by offering digital products and services to meet the growing demands and increase their profitability. I believe the market is large enough to accommodate a vast number of businesses offering these services.”
Speaking further, he said: “As Federal Government gradually ease the lockdown and currently reopening the nation’s economy, one cannot over-emphasise the impact which COVID-19 pandemic had on Nigerian economy. From loss of jobs and cut in salaries due to the inability of businesses to operate and survive, to hike in prices of food, petroleum and other essentials goods and services.