and replacing $\bigoplus$ with $\varinjlim$ and $\prod$ with $\varprojlim$ you get the result that tensor products commute with direct limits from Yoneda.
Now these maps: $\Phi: f \mapsto \left( f \circ j_i\right)_{i \in I}$ and $\Psi: (g_i)_{i \in I} \mapsto g$ such that $g_i = g \circ j_i$ are mutually inverse.