Visa supports Small Businesses in Nigeria With New Initiative; ‘Where You Shop Matters’
Worldwide digital payment Visa, has launched its new initiative ‘Where you Shop Matters‘ and it aims at championing and enabling entrepreneurs in Nigeria while encouraging consumers to support small businesses.
The initiative comes as a new study shows more consumers are embracing the eCommerce and digital payments over physical cash.
The study found out that shopping habits have transformed during COVID-19 with 68% of consumers only visiting shops for essentials.
To understand the needs of small businesses, the survey was conducted across UAE, KSA, Russia, Ukraine, South Africa, Nigeria, and Kenya and it revealed how consumers and merchants are adapting to COVID-19.
Alongside a new SMB resource hub, Visa has published the COVID-19 CEMEA Impact Tracker highlighting the recent effect the novel coronavirus pandemic has had on commerce for consumers and small merchants in Nigeria.
Launching on the 17th of June, Where You Shop Matters will help support small businesses through the Visa Small Business Hub, a merchant platform providing tools and information on how to start, run and grow small businesses.
The platform will also feature leading merchants who embody the passion and entrepreneurship of small businesses across Nigeria.
According to the findings, many consumers in Nigeria have started shopping online for the first time for essentials. 71% of consumers surveyed say that COVID-19 has led to their first online grocery purchase, while 69% have made their first online purchase from pharmacies during the pandemic
The overall report points the change towards e-commerce, where cash transactions are being replaced with digital payments.
The Vice President of Visa West Africa, Kemi Okusanya, also commented on the findings by saying,
“The pandemic is impacting business everywhere. The findings of the COVID-19 CEMEA Impact Tracker suggest shoppers have changed how they shop and this is already having a major impact on how merchants do business. As consumers adapt to the current restrictions, many have changed how they shop and turned to online outlets for their shopping. These changes present challenges but also enormous opportunities for all merchants, including small businesses.”
He also added that, at visa, they are proud to support small businesses knowing that they have been affected most by the unexpected pandemic.