The loan is expected to support at least 4,000 new SME loans in Nigeria.

Services the bank will offer include accepting deposits from individuals and small businesses, carrying out payment and remittance services within Nigeria, issuing debit and prepaid cards and more. 

Trusting Social is an AI fintech company aspiring to democratize financial services through AI-based consumer insights and embedded finance.

Through this partnership, more than 5,000 MAX drivers will also gain access to digital financial services offered by VFD Microfinance bank.

The new products and services offered by the digital banking platform NowNow will further enhance its already existing services, consumer banking, agency banking and merchant payment solutions.

The Central Bank of Nigeria, supported by the Alliance for Financial Inclusion, developed and launched the Framework for Advancing Women’s Financial Inclusion in Nigeria, aiming to close the gap by 2024.

In a statement issued on Thursday, the group said the launch would provide solution to the lack of easily accessible bank branches across the country which has affected about 38 million of unbanked Nigerian adults.

The scheme is designed to make credit facilities accessible to 90,000 low-income households comprising smallholder farmers and microenterprises in Northeast states of the country.

With this launch and with an ongoing collaboration with Mercy Corps, Payrail Agency hopes to offer a bouquet of services to solve diverse business needs and challenges of small holder farmers.

Investment will increase access to credit for retail and small and medium enterprises (SMEs) with specific focus on women entrepreneurs.