Capital, trust, tech to drive SME growth – Regent MfB CEO
Regent Microfinance Bank's MD, Idris Olugbesan, stated that Nigeria's SMEs require access to capital, trust in financial institutions, and technology to grow sustainably. He emphasized the need for financial institutions to design inclusive products and build trust with entrepreneurs.
Idris Olugbesan, Managing Director of Regent Microfinance Bank, emphasized that Nigeria's Small and Medium-scale Enterprises (SMEs) need access to capital, trust in financial institutions, and technology to grow. SMEs are crucial to Nigeria's economy but face challenges in accessing funding and financial tools. Olugbesan noted that many SMEs operate informally, lacking documentation required for traditional banking. He urged financial institutions to create inclusive products reflecting SME realities. Trust between financial institutions and SMEs is vital for financial inclusion. Technology is transforming SME operations through digital banking and automated tools. Strengthening the SME ecosystem requires synergy between financial institutions, regulators, and business support organizations. Nigeria's economic future depends on SME success, which can be achieved by improving access to finance, building trust, and embracing technology.
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