‘Goverment must focus on strengthening SMEs to promote financial inclusion’
DDMFB vows to support entrepreneurs
Chairman of Davo Dani Microfinance Bank Limited, Austin Enajemo-Isire, has said the Federal Government must be focused and sustain its policies to strengthen the Small and Medium scale Enterprises (SMEs) in the country.
This will boost the country’s economy and tackle the challenges faced by the over 17 million entrepreneurs, who must be encouraged to add meaningfully to the nation’s Gross Domestic Product (GDP) which has been crippled by revenue shortfall.
Speaking in Lagos on Monday at the unveiling of a new branch of the bank, Enajemo-Isire said government has realised the need to provide the necessary support to entrepreneurs, noting that this could only become practical if policies are sustained.
He lauded government’s commitment to tackle the gap in financial inclusion, particularly for SMEs, stressing, “I wish that the will power to drive through this policy is being firmly held to realise the full objective.”
Lamenting that very few SMEs have financial freedom, the chairman argued that the sector needs to embrace the services of microfinance banks to gain financial freedom.
He said the firm is focused on aligning its services with the policy of the government to ensure that government achieves its promises on financial inclusion.
Enajemo-Isire, who was the Managing Director of Standard Alliance Life Insurance for over 13 years, also said the bank has concluded plan to tap into the financial options provided by the Bank of Industry (BoI) and the Centre Bank of Nigeria (CBN), to increase its lending capacity.
The chairman added that a well articulated credit appraisal system has been put in place by the bank to ensure its portfolio at risk continue to perform.
The Managing Director of the bank, Odey Ndoma, said the organisation would not retreat on product innovation and customer focused services.
Ndoma said the bank already has about 20,000 customers and currently making efforts to upgrade its operational profile to reach more entrepreneurs.
He vowed that the financial institution would continue to support entrepreneurs, disclosing that the bank prioritised the need to perform exceptionally to distinguish itself.