Traction raises $6M seed as Nigeria’s merchant acquiring space continues to heat up

Micro, small, and medium-sized firms (MSMEs) constitute the backbone of the Nigerian economy, accounting for more than 60% of GDP growth and playing a crucial role in job creation. According to the National Bureau of Statistics, there are over 39 million such firms, and 87% operate informally, meaning they primarily receive cash and perform activities on paper.
As a result, many small merchants struggle to develop and capitalize on economies of scale by gaining access to an ecosystem of digital tools and financial services (credit, savings, business tools, and payment solutions). While some SM

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