According to Wall Street Journal, 3 in every 4 small businesses fail. In 2013, the Micro Small Medium Enterprises (MSMEs) sector employed 84 per cent of the total labour force in Nigeria, according to the National Bureau of Statistics. However, 75 per cent of all Micro Small Medium Enterprises (MSMEs) fail in the first two years due to a lack of access to capital and poor business management. A KPMG MSME Banking study (2014) revealed that in the preceding three years, the rejection rate of MSME loan applications by commercial banks was greater than 50 per cent for nine of 18 banks and as high as 90 per cent for three of the banks.

From the above, it’s clear that the MSMEs are important to the growth of every economy. It’s also very clear that MSMEs do not get the financial backing they require from financial houses due to poor record keeping.

However, these are the type of challenges the team at ikOOba Technologies love to take on. The Lagos-based accounting tech startup focuses on creating solutions for small and medium-sized businesses. Their current efforts have created a robust yet flexible solution, called the ikOOba BMAC ( The BMAC).