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Lagos, Nigeria – August 2021
In recognition of its customer-centric credentials in product development, service delivery and brand management,

The award is a loud attestation to the very high equity which the company has attained in the Nigerian financial sector; and the splendid record of achievements which it has chalked up, especially in the last one year.
Speaking at the event, the Managing Director/CEO Mr. Gaetan Debuchy said, “we are excited to win this award. It further validates our innovative client-centric approach drawn from client feedback, to providing seamless, affordable and transparent financial services”.
“This award is no doubt a recognition of our quest to continue to promote financial inclusion through the deployment of microfinance solutions and other offerings that resonates with the lifestyles of our clients within the Micro Small and Medium business segment,” said Jean-Luc Nzoubou, Deputy Chief Executive Officer.
The Marketing Edge Annual National Marketing Summit and Awards is a yearly offering of Marketing Edge magazine, one of Nigeria’s leading brands and marketing publication.

About Advans Nigeria
Advans Nigeria is a member of the Advans group, which for 15+ years has provided innovative financial solutions to over 1.1 million clients in 9 countries, and offered a complete range of financial services that have helped to build over 5 million small businesses. As an international microfinance bank with a national license from the CBN, Advans La Fayette Microfinance Bank offers great flexibility, independence and financial security to help clients stay committed to their short and long term financial goals. The bank was incorporated in Nigeria in February 2013.

Contact details:
Priscilla Iyari – +234 807 589 1103, 070 002 382 67
Email – padeboye@advans-lfmfb.com
Website - www.advansnigeria.com

How you compensate your staff goes a long way at determining their motivational level, which in turn affects your business’ productivity. When you pay your workers on time they are inspired to do more.
Human resource in this era is the most valuable asset an organization can have. “Low job satisfaction can result in costly turnover, absenteeism, tardiness, and even poor mental health”. (Hellriegel and Slocum, 2007).
Without sustained motivation and morale of the employees, organizations risks losing invaluable employees which is a disadvantage to the business’ growth and profitability (Dessler, 2003).
Despite this common notion, a lot of small businesses still fall short at paying their staff on time due to a number of reasons. For the purpose of this article, we will be focusing on one independent factor which is the lack of efficiency in organizations’ payroll management system.
Based on a survey carried out by Advans Nigeria, 5 out of 10 MSMEs still pay their staff salaries by hand while the rest use direct transfers. If Nigeria must continue to develop as a nation, it starts with the organizational microcosms. Inefficient staff payment systems are inimical to the growth of businesses, as they could lead to pilfering and high employee turnover. Factors that constitute to these inefficiencies include:
 Manual Procedures: Manually computing your staff salaries, benefits, deductions and bonuses can be highly tedious. This can be time-wasting and also prone to errors. These can lead to over or underpayment of staff which in turn leads to unnecessary staff conflicts.
 Not staying abreast of changes in labor laws: In a majority of small businesses, practically all administrative functions are carried out by one or a few individuals, in order to save cost. As a result, staying updated with information on taxes, tax relief benefits and other vital information could constitute an extra burden and as we all know, ignorance of the law is not an excuse. Many organizations have folded up due to non-compliance of labor laws.
 Improper record - keeping: When an organized remuneration system is not in place, this error is bound to occur. Record keeping and reporting of employee remuneration is a legal obligation in Nigeria today especially for tax purposes. Asides from this, it is also important in staff planning, monitoring and comparison of employee productivity levels. Having this in place also provides a form of evidence to the contractual agreement that exists between an employer and an employee.
In the light of this information, it is quite certain that these lapses in payroll management practices should not be trivialized. How then can we mitigate these inefficiencies and bring about a healthy and more favorable method of staff payments?
One way will be to onboard an efficient payroll management system, such as the Advans Payroll System which provides an ample solution to these setbacks. With this Payroll management system, employers do not have to worry as it creates a fast and seamless way to paying workers without being involved in the actual process. Benefits of this system include:
 Effective and efficient staff remuneration with no recurrent transfer fees.
 The system is less prone to errors, therefore reducing issues of over or underpayment.
 Provides easy access to loan facilities for both the employer and employee, at very low interest rates thereby easing financial burden.
 Ensures timely payment to sustain employee productivity levels.
To learn more about the Advans novel payroll system, simply send an email to customerservice@advans-lfmfb.com or call 07000238267.
Let’s collaborate to build and grow better businesses.

Inflation generally refers to a rapid increase in the general price of goods and services in the country over a certain period of time. Inflation in Nigeria has doubled since 2016 reaching 17.33% in 2021. The current Covid-19 pandemic has contributed immensely to the recent spike, as oil prices plunged thereby leading to reduced profits in export. These reduced exports have been met with increasing imports over the months leading to a kind of inflation known as imported inflation.



Imported inflation is a kind of inflation-induced by heavy dependence on imported products. When there are more imports than exports into the country, it simply means that the forex reserve is being depleted more quickly than it is being replenished; leading to a rise in the price of the dollar against the naira. The implication of this is that more Naira needs to be exchanged for the same quantity of products.



Micro, Small, and Medium Enterprises (MSMEs) are at forefront of these kinds of exchanges due to the heavy import duties they pay. Unfortunately, they are also at the receiving end of its negative impact because when prices rise, their expense cost increases thereby eroding profits.



As a result, Nigerian businesses have been left with no option other than to pass down the increases in marginal costs of production to their consumers in form of price hikes on durable and non-durable consumer goods. When prices rise, the purchasing power of naira reduces.



The best way to cut down on this kind of inflation is to reduce excessive consumption of imported goods and look out for locally produced items that can be produced at a less exorbitant cost. However, MSMEs are also facing a number of problems like financing, technological deficiencies, marketing issues, increasing domestic and global competition… especially financing. In order to overcome these issues and compete with large and global enterprises, MSMEs need to adopt innovative approaches in their operations.



In Nigeria, small businesses are the drivers of economic growth and financial development contributing over 50% of the total GDP. (PwC’s MSME survey 2020) Yet, obtaining business funding is a major problem they face. Access to credit facilities is essential to the growth and development of small and medium enterprises in newly emerging markets and developing countries. According to the National Bureau of Statistics (NBS), 55% to 68% of MSMEs are either not served or not adequately served by financial institutions. Barely 5% of SMEs have been able to get funding to meet their day-to-day obligations, much less, expansion.



Innovative microfinance banks in Nigeria can help mitigate funding challenges for MSMEs. One model example is Advans La Fayette Microfinance Bank, a financial partner for businesses, armed with the resources and products to offer affordable business loans of up to 75m Naira for MSMEs who require adequate capital to restructure their business processes and beat the inflationary effect of imports within Nigeria and its neighbouring countries. The Advans Group is a leading international microfinance group, currently serving clients in 9 countries, and shareholders such as the IFC (World Bank), KfW, Advans SA.



At Advans, efforts are driven towards financial inclusion, ensuring that no matter where you are and what you do, you have access to financial services. Working together with MSMEs to fight the ailing impact of inflation, and providing adequate financing needed to fund their business operations, thereby creating a win-win situation for the suppliers and final consumers.



Together, we can make our economy better.