MSMEs are unstructured. They’re known for poor record-keeping practices and inconvenient salary payment process, which doesn’t help in keeping a history of payments and isn’t capable of managing the complications of statutory deductions, payment processing, and pay-slip printing and archival.
This has made it difficult for them to access bank financing & other government-led capital assistance programs, which are critical to their growth.
In recent times though, MSMEs have shown readiness to comply with operational standards. For this reason, First City Monument Bank has launched a challenge on Collaborate, a startup-corporate collaboration platform run by Passion Incubator, seeking an innovative payroll management solution for MSMEs.
The Challenge is open to registered businesses/startups in Nigeria that have developed a similar project.
Apply now: Link
