Dozie launches Sparkle to provide financial, lifestyle services to retail sector

The last Group Managing Director of Diamond Bank, Uzoma Dozie, has announced the launch of a new financial technology community and ecosystem, Sparkle, a mobile-first platform focused on the country’s retail sector.

Sparkle will tackle how retailers can achieve their daily objectives and scale their businesses, providing a suite of innovative lifestyle services, in addition to typical current and savings accounts that exist in the market. In particular, Sparkle will deliver customer experience-led support services, ranging from inventory management and invoicing statements to foreign exchange services and a Pos-via-mobile function.

Powered by AI and Machine Learning, Sparkle is

building a dynamic community around Nigeria’s retailers and consumers, influencing purchasing decisions based on user- generated behavioural purchase data.

According to Dozie, Sparkle will actively support retailers in navigating a better route to market by directing the right consumers their way.

In a bid to drive wider financial inclusion and regulatory reform in the market, the team is also building a digital framework for retailers to register their companies, register for tax and register domains, as it looks to plug the gap in terms of business advisory and regulatory services for retail SMES in the country.

“Retailers and consumers in Nigeria are currently disconnected; Sparkle is building the solution around its understanding of the challenges of small businesses, which will help reduce the operational risks small businesses are exposed to in their infancy,” Dozie said.

The company has also entered into partnerships with Visa, Network International, as well as Pricewaterhouse-Coopers, and also has plans to work with Microsoft.

Retailers contribute 33 percent to total GDP and 45 percent of total employment in Nigeria, making the sector a critical part in powering the Nigerian economy. However, services available to small businesses have not been best suited.

Sparkle has identified lack of funding, poor access to market/ network and lack of business training as the primary challenges for the sector, which is why the new platform will also provide access to mentorship and development.