Grow, a digital supply chain finance firm, has launched a groundbreaking digital platform, the Grow App, designed to revolutionize access to funding and liquidity management for Nigerian Small and Medium-sized Enterprises (SMEs). This innovative platform addresses the pervasive challenge of delayed payments that has hampered the growth and sustainability of numerous businesses in Nigeria. The Grow App empowers suppliers and vendors to convert their unpaid invoices into immediate working capital, effectively bridging the gap between invoicing and payment receipt. This seamless access to liquidity ensures that businesses can maintain operational continuity, meet their financial obligations, and capitalize on growth opportunities, even when faced with delayed payments from clients.
The official unveiling of the Grow App took place during the inaugural Grow Industry Connect event held in Lagos. Themed “Scaling Businesses: Access to Capital and Procurement Opportunities,” the event brought together key stakeholders from diverse sectors, including retail, agriculture, construction, and distribution. The event served as a platform to showcase the transformative potential of the Grow App and its significance in fostering sustainable economic growth within the Nigerian business landscape. By connecting businesses, industry experts, and financial innovators, the event stimulated insightful discussions on the challenges and opportunities facing SMEs, highlighting the pivotal role of fintech in driving their expansion.
Grow’s leadership emphasized the company’s commitment to building a robust financial infrastructure that supports Nigerian trade and empowers businesses to thrive. Ogochukwu Anerobi, Group Chief Executive Officer of Grow, underscored the critical need for solutions like the Grow App to address the crippling effects of poor cash flow on businesses. Denike Akanbi, Chief Operating Officer, echoed this sentiment, highlighting Grow’s dedication to not just being a technology company, but also an infrastructure builder, facilitating sustainable trade and economic progress.
The Grow Industry Connect event also featured a dynamic panel session comprising industry players who shared firsthand experiences using the Grow App. Richard Agboola of Bridge Field Energy and Francis Ogodo of Framog International testified to the app’s practical benefits in enabling businesses to maintain momentum even in the face of delayed payments. Agboola pointedly stated the vital importance of quick access to funds for business continuity, underscoring how the Grow App has been instrumental in ensuring the smooth operation of his company. The panel discussions extended to broader challenges confronting SMEs, emphasizing the transformative role of fintech in facilitating growth and providing innovative financial solutions.
The Grow platform offers a comprehensive suite of financial management tools for businesses, extending beyond invoice financing. It empowers businesses to effectively manage their cash flow, expedite invoice payments, optimize inventory cycles, and unlock new procurement opportunities. By providing a centralized platform for managing these critical aspects of business operations, Grow enables SMEs to streamline their financial processes, improve efficiency, and focus on growth. This integrated approach to financial management empowers businesses to make informed decisions, enhance their financial stability, and navigate the complexities of the modern business environment.
Grow’s entry into the Nigerian market marks a significant step towards bridging the funding gap for SMEs. The company’s commitment to building sustainable financial infrastructure underscores its recognition of the crucial role SMEs play in driving economic growth. The Grow App, with its focus on addressing the crippling effects of delayed payments, has the potential to revolutionize the financial landscape for Nigerian SMEs, empowering them to unlock their full potential and contribute meaningfully to the national economy. This innovative platform promises to reshape the way businesses manage their finances, paving the way for a more robust and dynamic SME sector in Nigeria.
