MSMEs seeing increase in use of digital payment services

 

Stakeholders in the micro, small and medium sized enterprises sector, say they are seeing an increase in the use of digital payment services for small businesses.

 

MSME Alliance president Donovan Wignal says there are however some gaps in how banks operate, in terms of the efficiency with which funds are moved within or between banks, which pose a challenge for some MSMEs. 

 

"I'm seeing a gradual speeding up of the digital transaction and a lot of us, during and post COVID, have had to transition to a digital way of interacting with the banks, so we are already there. We just need now for more efficient digital transactions," he suggested. 

 

Mr. Wignal said banks need to also improve their customer care, especially for small businesses. 

 

"Digitising doesn't mean that we move away from a lot of the customer facing situations that would have existed in the bank before. We still need to invest some more in customer service because now the customer not coming into the bank, so when the customer comes into the bank to get service, that in coordination with full digitisation, I think, would really assist us in better interacting with the bank."