President and Chairman of the Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr Dele Alabi, has urged banks to deploy their stronger capital base following the recent recapitalisation to support micro, small and medium enterprises (MSMEs).

Speaking after the induction of 2,179 new Chartered Bankers, Alabi said the banking industry was now better positioned to finance more sectors of the economy, particularly MSMEs, which he described as critical to employment and economic activity.

He said the CIBN was working with banks and other stakeholders to deepen access to credit for smaller businesses and address weaknesses that often hinder access to formal financing, including poor corporate governance, inadequate accounting systems and lack of audited financial statements.

Alabi said the institute planned to organise an MSME forum involving banks, consultants, businesses and other stakeholders to identify challenges facing the sector and develop practical solutions.

He said the forum would be followed by MSME clinics to provide support in corporate governance, financial reporting and other requirements for accessing funding.

He also announced plans for MSME hubs, with support from state governments and other sub-national authorities, to create an enabling environment for small businesses to operate and grow.

Alabi said MSMEs contribute 46 per cent to Nigeria’s gross domestic product, account for 86 per cent of employment and represent 96 per cent of businesses.

He said the initiatives were part of the CIBN’s IMPACT vision, which focuses on inclusion, professionalism and ethical conduct, accountability, skills development, technology, automation and innovation.

Alabi also stressed the need for professionalism and ethics in banking, saying the institute would continue to enforce its code of ethics and professional conduct.

He said the 2,179 newly inducted Chartered Bankers were expected to contribute to the development of the banking industry and the wider economy.