OmniRetail has acquired Traction Apps to strengthen its financial services for SMEs, creating a robust platform capable of processing over N2 trillion in transactions annually.

Information on the Target

Traction Apps is a leading payment solutions provider in Nigeria, specializing in facilitating financial transactions for small and medium-sized enterprises (SMEs). With a growing merchant base of over 100,000 clients, Traction Apps offers a comprehensive platform that integrates payment acceptance, lending, and retail software solutions. The strategic acquisition by OmniRetail allows for the integration of Traction’s merchant point-of-sale (POS) services into OmniPay’s ecosystem, enhancing the overall capabilities of the combined entity.

Industry Overview in Nigeria

Nigeria's fintech industry has seen remarkable growth in recent years, driven by increased internet penetration and a rising mobile user base. The demand for innovative payment solutions has surged, especially among SMEs, as traditional banking services often fail to meet their requirements. This gap has fostered the emergence of numerous fintech startups focused on providing tailored financial services.

In this evolving landscape, payment solutions are particularly critical as SMEs pave the way for economic development in Nigeria. By facilitating quicker transaction processes and trust in financial se