To further improve access of small and medium enterprises to financing, the Bank of Industry and Nigerian Association of Small and Medium Enterprises (NASME) have sought measures to address financing gaps in the SME sector.

The umbrella advocacy body for all registered SMEs in the country led by its National President, Alhaji Ibrahim Garba, on a visit to the development finance institution noted that the existing relationship between the parties should be improved to aid impact in the SME sector.

Garba added that the group will play its part by ensuring that their members send in applications for funding that meets the Bank’s risk assessment criteria as well as helping to provide the Bank with reliable data on SMEs.

On his part, Managing Director of BoI, Rasheed Olaoluwa while acknowledging the role of NASME in the SME space restated the bank’s commitment to fulfilling its fulfilling its financial intermediation role in the nation’s real sector.

According to him, the Bank will only support only credible SMEs, and only businesses involved in some form of value-addition in the country.

He said: “The Bank has demonstrated its willingness to provide financial and business support to credible SMEs. It expanded its office branch network from 7 to 15 in 2015, and will add a 16th office soon. It also increased disbursements to SMEs from N1.8bn to N5.2bn in 2015, and is looking to increasing the amount disbursed in the 2016 calendar year, as well as the creation of an SME Directorate with an Executive Director and two Divisional Heads to provide impetus to the Bank’s SME drive”.

Olaoluwa also informed the group of the Bank’s digital products that have been designed to aid the ease of access to the Bank’s support, adding that 35 SME clusters have been identified as part of its drive to provide innovative financial products for SMEs, with some of these products, including the NYSC GEF by having the securities’ requirements relaxed.

The BoI boss also informed them that the development of MSMEs in Nigeria was one of the core activities of the Bank of Industry and that no stone will be left unturned to ensure that MSMEs are adequately supported to flourish.