Karen Adie's gradual rise from managing event venues to spearheading fintech advancements at TradeDepot
In the bustling heart of Nigeria's retail sector, an e-commerce platform named TradeDepot is making waves. Launched in 2016, TradeDepot connects FMCG manufacturers with micro retailers across Africa, and its latest initiative, the inventory loan scheme, is proving to be a game-changer for thousands of retailers.
Karen Adie, the Director of Merchant Services at TradeDepot, spearheads this innovative venture. Adie, who previously served as Director, Merchant Services at Discover Global Network, brings a wealth of experience to the table. Her approach to management is centred around being present, recognising the uniqueness of each day, and adding value by solving problems and eliminating obstacles.
The inventory loan scheme, rolled out over the past six months, allows retailers to receive inventory-type credit for their next orders. The loan amount can range from ₦50,000 to ₦500,000 for a tenure of 2-8 weeks. Repayment rates for this scheme are impressively high, currently standing at about 95%.
Since its inception in July with around 50 retailers, the scheme has grown exponentially, now serving over 2,000 retailers and disbursing over ₦180 million ($380,000) to date. This significant impact is not just limited to the business owners but extends to their families and communities who rely on them for survival.
The retailers benefiting from this scheme are diverse, with more than half (55%) being in the wholesale and retail industry. Many of them are informal players, a segment often underestimated in terms of digital savviness. Surprisingly, more than 85% of TradeDepot's retailer base owns smartphones and has bank cards, and a significant number of them use apps regularly.
The importance of this work is not lost on Adie. She speaks to many active retailers using their credit system regularly and knows them by name. Adie finds great importance in the work TradeDepot does, impacting not just the business owners but also their families and others who rely on them for survival.
TradeDepot's fintech business involves rolling out financial products and services to its retailer base and driving digital adoption among them. Adie attributes her success to discipline, curiosity, and a supportive community. She also values the importance of listening more when managing remote teams.
MSMEs account for 96% of the total number of businesses in Nigeria and contribute about 50% to the national GDP. In a survey conducted across 29 states last year, 22% of these businesses said finding funding to grow was their most pressing issue. TradeDepot's inventory loan scheme seems to be addressing this gap, providing a much-needed lifeline for many retailers.
In conclusion, TradeDepot's inventory loan scheme is making a significant difference in the lives of thousands of retailers across Nigeria. The scheme, under the leadership of Karen Adie, is a testament to the power of fintech solutions in driving economic growth and empowering small businesses.
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