Nigerian Business Solutions Startup Traction Set for Expansion Following Successful Service to 70,000 Customers
Traction, a pioneering Nigerian startup specializing in business solutions tailored for African Micro, Small, and Medium Enterprises (MSMEs), is gearing up for a significant expansion after a notable track record of serving 70,000 clients and securing $6 million in funding.
Established in 2020, Traction has developed an all-encompassing platform designed to empower businesses by facilitating payment acceptance, financial management, and access to vital operational resources. Entrepreneurs can seamlessly receive payments through point-of-sale (POS) terminals or virtual accounts, leveraging point-of-sale software to record sales, monitor inventory, and oversee customer relationships via Customer Relationship Management (CRM) and loyalty solutions.
Beyond these features, the platform extends a range of financial services, such as merchant wallets, cash advance loans, savings options, and bill payment capabilities. Having obtained a payments solution services license from the Central Bank of Nigeria last year, Traction holds the mandate to function as a payment solution provider across multiple payment categories. Co-founder Dolapo Adejuyigbe emphasized Traction's mission to energize businesses with innovative solutions like payment systems, loan facilities, and business utilities.
The platform is accessible through web browsers and mobile apps, aiming to become the primary platform for African MSMEs, providing resources, backing, and fostering a thriving community. this business tool development company has expanded its offerings to include payment solutions, loan provisions, business utilities, and community-building initiatives. With $6 million in seed funding, the company has experienced significant growth, processing a month's transaction volume within a day and serving over 70,000 Nigerian businesses.
The demand for Traction's services has been overwhelming, and Adejuyigbe expressed strong confidence in the untapped potential of the market. Bolstered by the newly secured funding, the company is eager to capitalize on this opportunity by expanding its reach to cater to customers across different Nigerian states. Adejuyigbe affirmed, "We are fully poised to capture the market comprehensively and deliver unparalleled value to our clientele." Traction currently operates within 16 Nigerian states, but its vision extends beyond. Adejuyigbe outlined plans for broader expansion within Nigeria and, in the near future, into other African nations.
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