B2B Payments

Nigerian SMEs Gain New E-Procurement Solution

At a press conference held in Nigeria Friday (March 6), the company known as Bids Online For You Nigeria, or BOLFYNG, revealed a new online portal through which buyers and suppliers can connect and facilitate procurement procedures with government entities.

Reports say BOLFYNG business development director Yinka Sorinwa announced plans for the new digital procurement solution that will allow suppliers to reach both local- and national-level government procurement officials. The portal, Sorinwa said, is the first-ever real-time e-procurement online portal in the nation.

In addition to connecting suppliers to government buyers, the new solution will also provide up-to-date information regarding tender and bidding opportunities for suppliers.

Nigeria has seen significant advancements in digital economic strategies in recent years. As Africa’s largest economy, the nation was shortlisted last December by a McKinsey and Co. report as facilitating e-commerce growth on the continent. Shoppers, the reports said, “do not shy away from making purchases online.”

Mobile banking in the nation has also expanded, with Nigeria-based Diamond Bank launching mobile banking services and MasterCard pushing for mobile banking innovation as it looks to capitalize on the market’s explosive growth of smartphone penetration.

BOLFYNG, however, is unique in launching innovative, digital services in the B2B e-commerce space, which have not seen as much attention as Nigeria’s B2C e-commerce market.

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