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Lagos-based digital bank startup Sparkle has launched a new service titled Sparkle Business to its existing mobile application. The new service aims to provide access to various products and services for small businesses and SMEs in the region.
Sparkle Business aims to provide the necessary tools for SMEs to grow digitally
Uzoma Dozie, founder and CEO of Sparkle explains that the launch of the new feature is integral to supporting SMEs in the region.
“SMEs are the largest employer of labour in Nigeria but are lacking access to basic services that will help their businesses. We have introduced Sparkle Business as a one-stop-shop, to help individuals to launch their businesses digitally, while meeting existing SMEs’ pain points, and allowing them to pivot to the next level of success. We have been afforded this opportunity due to our extensive research and access to data, which allows us to know what exactly SMEs are looking for. We are truly excited about the initial results from the beta test and are looking forward to impactful results for small businesses in the near future.”
According to reports by PwC Nigeria, SMEs contribute to 48% of the country’s GDP and account for 96% of businesses and 84% of employment.
With this in mind, many of these businesses lack insightful data to make strategic decisions and Sparkle has created an effective solution for this with Sparkle Business.
Built into Sparkle’s existing mobile-first digital ecosystem that provides financial, lifestyle, and business support services to Nigerians across the globe, Sparkle Business has the following features for SMEs;
- Inventory and Invoice Management: This feature will help businesses maintain control over their payment requests and overall operations
- Payment Gateway Service, to manage single and bulk payments more seamlessly
- Tax Advisory/Calculations. This feature will help evaluate business turnover and calculate tax filings
- Payroll/Employee Management. This is featured is geared towards the management of employee payments and benefits effectively without error or human interventions, and much more.
According to the startup, the platform has been designed with a mobile-first focus, enabling digital native entrepreneurs and companies to operate their businesses easily via the app.
The feature has officially launched and is accessible to current Sparkle users who have registered businesses in Nigeria.
How to register
To register for access to the service, individuals must create a personal Sparkle account, have a Tax Identification Number (TIN) with a valid email connected to their TIN
“Sparkle was built to allow individuals to be free; Sparkle Business is an extension of this so that business owners can reduce friction when it comes to important administrative transactions. We’re excited to roll out our new products and services, and to continue to grow an increasingly busy and entrepreneurial group of business owners who don’t want to accept that banking halls and physical paper trails are the only means of conducting business in Nigeria”, concludes Dozie.
Featured image: Uzoma Dozie, founder and CEO of Sparkle (Supplied)