How LSETF created 168,000 jobs in 6years.
Over the past six years, Lagos State Employment Trust Fund (LSETF) has created over 168,000 direct and indirect jobs in Lagos by empowering operators of Micro, Small and Medium Enterprises (MSMEs) in the state.
Data shown at the LSETF Media Parley recently held to foster partnerships with the media and create awareness of the impact of the organisation in Lagos shows that the state is at the forefront of creating jobs for youths.
Speaking at the event, Teju Abisoye, executive secretary of LSETF, said some of the measures in place to create jobs were access to affordable financing, employability programs, technology, market stimulation, and collaboration with the private sector.
“In Nigeria alone, there is a huge gap of about N27 billion in terms of financing accesses for MSMEs, out of which Lagos has 20 percent. That is why we have created and are still creating structures to support them so that they can increase their productivity, thereby employing more people,” Abisoye said.
The lawyer further said that the organisation is promoting innovation and technology which has helped them grow jobs exponentially.
“The average number of jobs that were created when we started using technology is about 42, compared to the traditional ones that would create lesser numbers.”
Several reports have shown that entrepreneurs are important to market economies because they can act as the wheels of the economic growth of the country.
According to LSETF, SMEs were the most variable methods to create employment as they are the innovative engines of economic growth, contributing about 50 percent to the GDP of the nation.
“Lagos state houses most of the MSMEs in Nigeria. Across the world, we are known as the engine of growth and employment creation since the state contributes about 50 percent of the GDP,” Abisoye said.
Last year, the NBS reported that the impact of the pandemic on the labor market had made the job of a trader or business person to be the most common dream job of Nigerian youths (aged 15-25 years old) as against high-profile white-collar ones.
LSETF was established in 2016 by the Lagos State Employment Trust Fund Law 2016 to tackle unemployment and promote entrepreneurship in Lagos by empowering its residents with job and wealth creation opportunities.
The organisation has different offices in the 26 local government areas of the state. So far, it has given N8.4 billion in loans to about 12,710 beneficiaries as of April 2022.
MFS Africa acquires US-based global tech company
MFS Africa acquires US-based global tech company.
In a rare acquisition of a US tech company by an African tech company, MFS Africa, Africa’s largest digital payments network, on Tuesday announced that it has reached an agreement to buy Global Technology Partners (GTP).
Based in Tulsa, Oklahoma, GTP is the number one processor for prepaid cards in Africa, with over 80 banks – including UBA, Ecobank, BIA, Stanbic, Coris, NSIA and Zenith Bank – using its platform. GTP’s client base covers 34 countries and is fully connected to the Visa, Mastercard, GIM, GIMAC and Verve networks for which it provides the processing.
This acquisition enables MFS Africa to further deepen its offering to Africa’s gig economy, the business travel market and the millions who eagerly want to participate in the global digital commerce through card credentials linked to mobile money wallets – rather than bank accounts – for seamless and secure online purchases. It also expands MFS Africa’s bank and fintech base and provides tokenisation for the mobile money world in connection with the traditional card scheme ecosystems such as Visa and Mastercard.
Founder and CEO of MFS Africa, Dare Okoudjou, said: “This is a momentous milestone for us and Africa’s tech ecosystem – on many levels. It’s something of a first for an African tech company to acquire a US tech company of GTP’s size and stature, and we’re delighted to be welcoming the GTP team to the MFS Africa family. Their expertise enables us to extend our value proposition of last-mile connectivity to African banks and to accelerate our offering of card connectivity to mobile money users and other fintech companies operating across the continent. The combined operations have immense and exciting growth potential, and with our extended portfolio, we are now truly an omnichannel payments company.”
Robert Merrick, founder and chairman of Global Technology Partners, commented: “GTP’s established position as Africa’s number one prepaid card processor has been built on its unique, flexible platform that actively helps prepaid cards to succeed. We have become the leader of prepaid cards in Africa because of our people, who have genuine in-depth knowledge not only of the prepaid card business but also of the realities that African card users face. We connect the right solution to the right markets with the right products. MFS Africa is an ideal home for GTP, and we are focused on adding new features and functionalities to our platform, signing up new clients, expanding into new countries, driving growth and making a significant contribution to growing MFS Africa’s business and its network of networks.”
Following GTP’s acquisition, MFS Africa plans to further invest in GTP’s current card programmes with banks and bring to these all the innovation and possibilities offered by the MFS Africa HUB – including seamless interoperability with Mobile Money.
The company will also leverage GTP’s stack to fast-track card programmes for MNOs and FinTechs across Africa. Lastly, MFS Africa intends to leverage GTP’s presence in the USA to expand its commercial activities in North America.
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