In line with global trends, the increasing adoption of technology and usage of digital solutions have significantly disrupted the ecosystems of payment receipts, and transaction facilitations. We are seeing changes to how things are being done, across many social and economic landscapes in Nigeria.
The year 2023 was remarkable because we had a new entrant into the digital supply chain finance segment. This latest entrant is Fiducia Data Services Limited. Together with other digital-enabled platforms, Fiducia is driving the transformation of Nigeria’s supply chain financing ecosystem.
Fiducia as a unique digital supply chain finance marketplace connects three types of participants (namely Buyer, Seller and Financier) to a digital platform, so as to trade eligible receivables and carry out other forms of supply chain financing. Launched in June 2023 in front of representatives of financial institutions, corporates and MSMEs, the vision of Fiducia is to be a marketplace where Africa’s SMEs can access quick, convenient, low-priced financing. The company’s mission is to transform SME finance in Africa through supply chain finance technology.
By utilising technology, digital-enabled platforms are simplifying access to financing for micro, small and medium enterprises (MSMEs). The optimisation of technology for swift processing of invoices via the digital supply chain finance marketplace is assisting fund-starved MSMEs and startups. These startups usually face lack of access to low-priced working capital as a major challenge.
The growth of MSMEs is pivotal to Nigeria’s socio-economic growth as the sector contributes 46% of the nation’s Gross Domestic Product (GDP), and accounts for 62 million jobs. Despite their economic impact, Nigeria’s MSMEs (nearly 40 million) encounter difficulties in accessing credit, with an unmet finance gap of over $158 billion, nearly half of the Sub-Saharan region’s total.
By leveraging cutting-edge technology, Fiducia has been building a community of financiers and suppliers, offering businesses an opportunity to unlock the true potential of their supply chain. This will allow them to access much needed funding for growth. Since its launch mid last year, Fiducia is demonstrating its commitment to innovation, customer satisfaction, and industry leadership in many ways.
Fiducia has successfully onboarded over 110 large corporates since launching last year June and financed over N15bn invoices in the last quarter of 2023. It has launched new product features, enhanced reporting for financiers, and developed a simplified self-onboarding portal for suppliers.
During the year, Fiducia secured strategic partnerships with reputable national and multilateral development financial institutions including African Export-Import Bank (Afreximbank) and Nigerian Export-Import Bank (NEXIM). Fiducia was a panellist at the AFREXIM Lagos event – the Afreximbank Trade Finance Seminar 2023. Fiducia also secured membership of the prestigious Factors Chain International (FCI), and spoke at the FCI annual event held in Marrakesh, Morocco. FCI is the world’s representative body for the Factoring and Receivables Finance Industry with more than 400 members in 90 countries.
Fiducia further increased positive brand equity traction, achieving the Information Security ISO 27001:2013 certification. Chukwuka Amadife, Fiducia’s Chief Operating Officer expressed delight at the accomplishment, asserting that it was a testament of Fiducia’s unwavering commitment to data security and the integrity of the Fiducia digital platform.
He said, “I am incredibly proud of this achievement. It is a testament to our unwavering commitment to data security, privacy, and risk management. This demonstrates that we have implemented robust processes and procedures to protect the sensitive information of our customers, partners, and also our employees. This achievement is particularly critical in today’s digital age, where cyber threats are constantly evolving. By achieving this certification, we are assuring our partners that their data is in safe hands, allowing them to focus on what they do best – growing their businesses and securing their supply chain.”
Adeoluwa Oni, Head, Product Expansion for Fiducia, also commented: “Achieving our ISO 27001:2013 certification isn’t just a milestone; it’s a firm handshake with our clients. This solidifies our unwavering commitment to safeguarding their data, demonstrating the highest standards of information security across all our products and operations.”
The ISO 27001:2013 Certification coupled with Fiducia’s commitment to innovative solutions, customer satisfaction and industry leadership, have equally won the company trust and confidence among users of its services. With an impressive growing clientele, Fiducia currently onboards on its digital supply chain finance platform corporates such as Olam Nigeria Ltd, 7UP Nigeria Plc, Retail Supermarkets Nigeria Limited (ShopRite), Nasco Foods Ltd, Deekay & Sons Nigeria Limited, Aarti Steel Nigeria Limited, Buildgen Nigeria Limited, Sacvin Nigeria Limited, Access Bank Plc, Prudent Energy and Service Limited, Bel Impex Limited, amongst others.
With eyes on strengthening market leadership, the Chief Executive Officer, Mr. Imohimi Aig-Imoukhuede said “In today’s competitive landscape, data security is key. This certification allows us to attract and retain customers that demand the highest standards of data protection. This certification is a significant milestone, but is just the beginning of our journey.
We are committed to continuous improvement, constant innovation, and evolution of security measures. Our goal is to be the most trusted digital supply chain financing platform, in Nigeria, using strong global partnerships and best practices”.
