PrepayGO ThriftPAy Service is an initiative designed to modernize thrift collection and enhance financial inclusion of wholesale and retail market players. It is a critical bridge that seeks to link millions of small business owners and microenterprises, particularly wholesalers and retailers within the FMCG market, to the formal financial system by creating financial access opportunities.
The wholesale segment consists of largely semi-structured businesses made up of small to large commercial traders while the retail segment consists of largely petty traders, hawkers, roadside kiosks or mini stores which are community based. This service seeks to enrol the players in this sector of the economy which accounts for 19% of Nigeria’s GDP (2011) with 17,261,753 micro enterprises and 21,264 small businesses in the formal financial sector.
Aside from automating thrift collections, the service also aims at helping traders with activities such as inventory control, sales and stock records, financial documentation, trade financing among others.
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