Getting Down to Business
Ramana Kumar, Chief Executive Officer of Magnati
Innovative payments solutions have the power to remove impediments to commerce for micro, small and medium-sized enterprises and open new possibilities of growth
On 27 June we celebrate International Micro, Small and Medium-sized Enterprises Day. While it is one of the newer days to become officially recognised, it is no less important. The essence of MSME Day is to raise awareness about the crucial role that these businesses play in our society. But awareness can only extend so far. 27 June is also an opportunity for dialogue that leads to action and innovations that can ultimately empower the MSME sector.
In the UAE, both the federal and local governments have invested heavily to boost the MSME sector. Across the Emirates, MSMEs play a pivotal role in both economic development and diversification. According to the UAE Ministry of Economy, the SME sector represents more than 94 per cent of the total number of companies operating in the country and provides jobs for more than 86 per cent of the private sector's workforce. Globally, MSMEs help to champion more vulnerable groups in society such as women, young people, entrepreneurs and poorer communities.
As the world re-emerges and re-calibrates in the post-pandemic world, supporting MSMEs should be a collective priority. And one of the ways that we can support and empower MSMEs is by using innovation to remove obstacles for startups and MSMEs.
At Magnati, we know that SMEs and new businesses can find it challenging to navigate the payments function and open up possibilities of increased growth and commercial activities. The initial investments in hardware and software for cash registers, ERP systems, POS machines and payment mechanisms can prove to be confusing at best, or a stumbling block at worst. Consequently, it can be difficult for these businesses to manage and manually reconcile different systems and devices. It is also a daunting task for MSMEs to retain customers and acquire new customers without substantial investments in marketing and campaigns.
The power of our partnership is reducing the ‘Cost to Income’ of our MSME partners. With MSMEs in mind, we set about taking action to address these challenges with an innovative solution that allows merchants to avail end-to-end, fully integrated hardware and software through a single subscription with a monthly fee.
Our recently launched ‘Business in a Box’ enables SMEs to kick start online or instore businesses without the hassle of multiple systems. It offers merchants a full suite of solutions including electronic cash registers, ERP modules covering inventory management, accounting solutions, human resource management for enrolling employees on WPS and all other payment solutions under Magnati’s ‘Payment as a Platform’ service.
We also believe in working with our MSME partners to enable growth through new revenue lines. By becoming our referral partners, MSMEs can earn referral income by driving offers to their customers as part of our data monetisation programme ‘Super Surprises’. Using artificial intelligence and machine learning, the tool enables merchants to build brand affinity and increase sales.
Magnati has made it our mission to enable merchants to thrive in the digital economy. This means providing an integrated platform that offers full coverage, convenience and value to take businesses to the next level. With Magnati’s comprehensive suite of solutions, SMEs no longer need to worry about unnecessary complexity and costs. They can focus instead on what matters to them and truly get down to business.