Veefin Solutions & NSIA Group Partner for West Africa Fintech Growth

Veefin Solutions has initiated a strategic collaboration with NSIA Group, aiming to expand Supply Chain Finance (SCF) capabilities across five NSIA banking entities in West Africa.

The integrated platform will enable NSIA Group banks to launch both Reverse Factoring and Factoring programmes. This will provide businesses and small and medium-sized enterprises (SMEs) with digital access to crucial working capital.

Expanding Digital Financial Access

The platform will connect anchor corporates directly with their supplier and buyer networks on a single digital interface, automating several key processes:

• Automating processes from onboarding to invoice submission, approval, and disbursement.
• Supporting early payments to suppliers through Reverse Factoring.
• Unlocking working capital against approved receivables via Factoring.
• Veefin Solutions will provide the platform licence and ongoing maintenance for the system.

Targeting West African Markets

This expansion targets a significant SME financing gap prevalent in West Africa. The region often faces limited access to short-cycle working capital due to fragmented data, manual processes, and traditional credit models. NSIA Group plans to deploy Veefin’s platform across its operations in the following countries:

• Cote d’Ivoire
• Senegal
• Benin
• Togo
• Guinea

This deployment strategy allows the group to offer consistent digital SCF products while retaining flexibility for market-specific needs.

Veefin Solutions, a Digital Lending and Supply Chain Finance (SCF) technology product Solutions Company based in Mumbai, facilitates this expansion. The partnership aims to directly address the significant SME financing gap observed in West Africa.