Fiducia, a pioneering digital supply chain finance platform, recently hosted its South-South Factoring Forum in Port Harcourt, Nigeria, marking the first time its initiative to bolster Small and Medium Enterprise (SME) financing has reached this region. Under the theme “Unlocking Growth: The Power of Factoring for Business Expansion,” the forum provided a dynamic platform for financial experts, corporate leaders, and SME operators to delve into the transformative potential of supply chain finance in driving liquidity and growth, particularly within the crucial oil and gas value chain. This strategic event underscored the significance of innovative financial solutions in fostering economic development within the South-South region.
The forum’s timing and strategic importance were highlighted by Evi Ufuoma Kanu, Group Head, CBG South-South at Access Bank. She emphasized the forum’s relevance to the region’s economic advancement, recognizing its potential to unlock significant opportunities for SMEs collaborating with larger corporations. By streamlining access to finance, factoring empowers these businesses to scale their operations more rapidly. Kanu further highlighted the forward-thinking nature of the forum, emphasizing the transformative role of FinTech in shaping the future of finance through its innovative and disruptive solutions.
Imohimi Aig-Imoukhuede, Managing Director and CEO of Fiducia, articulated the company’s core mission: to bridge the financing gap faced by African businesses through the power of technology. He explained that Fiducia’s platform was specifically designed to simplify and democratize access to working capital for SMEs. By digitizing the factoring process, Fiducia enhances efficiency, unlocks crucial capital, and strengthens resilience across entire value chains. This innovative approach addresses the persistent challenges faced by SMEs in accessing timely and adequate financing.
Fiducia’s platform operates as a dynamic marketplace, connecting vendors and suppliers with financiers. This enables vendors to access cash more quickly by trading their receivables, while corporate buyers benefit from improved liquidity, strengthened supplier relationships, and access to more competitive rates. This mutually beneficial ecosystem fosters a more efficient and transparent financial landscape for all stakeholders. The platform effectively addresses the issue of delayed invoice payments, a significant obstacle to SME growth, by providing a readily available source of liquidity.
The Port Harcourt forum specifically emphasized the role of factoring as an agile and scalable financial solution for Nigerian SMEs, particularly in the current economic climate characterized by tighter loan access and delayed invoice payments. These challenges often stifle business growth, making factoring an increasingly vital tool for SMEs to maintain healthy cash flow and pursue expansion opportunities. The forum’s discussions highlighted the practical benefits of factoring, demonstrating its effectiveness in addressing the unique financial challenges faced by SMEs in Nigeria.
This event in Port Harcourt forms part of a broader nationwide initiative by Fiducia to promote financial inclusion. By offering digital finance tools that are easily scalable to high-impact sectors, Fiducia aims to empower businesses and drive economic growth across the country. Fiducia’s digital marketplace promotes faster, fairer, and more transparent transactions between corporate buyers, suppliers, and financiers. Ultimately, the company’s vision is to revolutionize business financing and trade across Africa, leveraging technology to create a more accessible and equitable financial ecosystem. The Port Harcourt forum represents a significant step towards realizing this ambitious vision, bringing the benefits of digital factoring to a region with immense economic potential.
