Inaugural MSME finance awards celebrate small businesses
Despite that micro, small and medium enterprises (MSMEs) account for roughly 96 per cent of businesses and 84 per cent of employment in Nigeria and contribute almost half of the country’s gross domestic product (GDP), they are often neglected and left battling for access to credit.
According to the CEO of Economic Forum Media Ltd, Jude Ndu, access to credit for MSMEs grew from two per cent to just four per cent in 13 years. This he said has not encouraged the growth or survival of many MSMEs, decrying their high mortality rate.
He made this known at the inaugural MSME finance awards convened by The Economic Forum Series in partnership with Nairametrics and DiGiComm Enterprise, which was held recently in Lagos.
Giving his remarks, he said the award is a celebration of innovation, influence and impact on empowering MSMEs in Nigeria.
“MSMEs are the backbone of our economy, driving growth, job creation and innovation. Yet, they face significant challenges in accessing finance, markets and resources. That’s why initiatives like this are crucial in promoting a supportive ecosystem for MSMEs to thrive,” he said.
CEO of Nairametrics Financial Advocates Ltd, Ugodre Obi Chukwu, said it is important to contribute to the high growth prospect of the MSME sector through strategic partnerships. He added that the awards seek to bridge a gap by promoting a supportive ecosystem for MSMEs to thrive by recognising, rewarding innovation and impact in MSME finance.
At the fireside chat, small businesses were given tips on how to leverage technology to expand, innovate and improve sales during these difficult times.
Speaking, the CEO, DiGiComm Enterprise, Ukaobisike Uzoije, praised the resilience of MSMEs, saying that despite the many challenges, they are still forging ahead and making it work. He urged the government at all levels and concerned stakeholders to continue advocating for MSME growth, innovation and financial inclusion.
Together, he said, Nigeria can create a more supportive ecosystem for MSMEs to thrive and drive economic prosperity. Sterling Bank won the MSME Bank of the Year, Polaris Bank emerged best in MSME lending, while VFD Bank went home as the MSME Microfinance Bank of the Year. MasterCard emerged MSME FinTech Platform of the year; Airtel Smartcash was the MSME Payment Service Bank (PSB) of the year; Hydrogen Payment emerged best MSME Payment/Remittance Platform; Heirs Insurance was the best MSME insurance company of the year, while AXA Mansard emerged best in MSME health insurance.
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