Heritage Bank: Building network of entrepreneurial leadership

HERITAGE Bank Limited said it remained is resolute and committed to building a network of entrepreneurial leaders that are necessary to boost the growth of Micro Small and Medium Enterprises (MSMEs) in the country.

Besides, the financial institution, which recently acquired Enterprise Bank, thereby boosting its network of financial services, has been pioneering various capacity building programmes to address the dearth of skills among small businesses.

The Managing Director and Chief Executive Officer of Heritage Bank, Ifie Sekibo, affirmed that the bank has developed and introduced wide range of services, which address the capacity and financing needs of MSMEs.
“The goal of Heritage Bank’s MSMEs offerings is to build a network of entrepreneurial leaders that will drive the growth of the sector.  This would enhance the ability of the MSME sector to effectively play its role as the engine growth of the economy”, he said.

According to him, one of the ways the lender has manifested the avowed support is its commitment to leadership building in the MSME sector as reflected in the bank’s “SME Clinic.”

“The Heritage Bank SME Clinic is designed to enhance the entrepreneurial capacity of our customers. Through the Clinic, Heritage Bank understands the different aspects of the customer’s business in order to identify areas where it can add value. As a result, we are able to develop customised products and services based on the identified needs of each SME customer,” Sekibo said.

This measure, he said, is complemented with Heritage Governance Model, through which it introduces corporate governance framework to its MSME customers.

The bank chief noted that the first phase of the scheme focuses on issues around statutory and regulatory obligations.

The phase also incorporates four services- company secretary services; auditing and assurance; accounting services; and tax consultancy, which are rendered to SME customers at subsidised fees by network of consultants.

Another demonstration of commitment to the growth of the MSMEs was the development of the Paris Club Scheme in partnership with RSL Derivatives Limited.

This is a credit enhancement scheme specially designed for SMEs to collectively help each other create a platform that will accelerate growth and facilitate easy access to funding.

The solution provides a platform for SMEs to adopt best practices in managing their businesses and also enable them to access loans from Heritage Bank without any hard core collateral.

The bank is also using the mass media to help MSME businesses across the country, through the enterprise news reports and radio programme in partnership with Enterprise Development Centre of the Pan African University.

The “Enterprise Stories” is aired on Classic 97.3FM every Sunday at 7pm and on Inspiration 92.3FM at 3pm every Tuesday.

“It focuses on stories of successful entrepreneurs, specifically on how they started, their challenges and how they have remained sustainable. The programme also shares useful business tips from the analysis of the stories provided by the SME experts,” the bank chief added.