The financing gap for small and medium-sized enterprises remains a pressing challenge on a global scale, posing significant threats to business growth and also to the world economy. According to recent studies, SMEs account for over 90% of businesses and more than 50% of employment worldwide. However, they struggle to secure the necessary funding to thrive. This gap is exacerbated by traditional banking practices that fail to accommodate the unique needs of SMEs, leaving many without access to essential financial resources. The implications are dire: without adequate financing, SMEs face operational stagnation, reduced competitiveness, and an inability to innovate, ultimately hindering economic growth and job creation.

Frances Chiejina, an accomplished Senior Corporate Banker with over 15 years of experience in the financial sector, is at the forefront of addressing this issue. She is actively advising SMEs on the strategic adoption of digital tools and technologies to enhance their financial positioning, bridge the financing gap, and gain access to vital funding. Chiejina emphasizes that embracing digital transformation is not merely an option but a new-age requirement for SMEs aiming to survive, thrive, and scale their businesses.

According to Chiejina, “A myriad of factors have contributed to the challenge of inadequate finance for SMEs: Operational inefficiencies, difficulties in attracting top talent, and limited market reach are just a few of the hurdles. These challenges can stifle growth and innovation, making it imperative for SMEs to invest in technology. Technology can significantly enhance operational structures, leading to improved stability and, consequently, better financing options. It not only streamlines operations but also builds a robust framework that financiers are more likely to support.”

One of the key areas where technology can make a substantial impact is through automation tools designed to handle repetitive tasks. Processes such as invoicing, payroll, and inventory management can free up valuable time and resources for SMEs. Chiejina notes, “Automation allows businesses to focus on strategic initiatives rather than getting occupied with mundane tasks. This shift in focus can lead to increased productivity and profitability.”

Collaboration and Customer Relationship Management tools also play a vital role in enhancing communication and teamwork across various industries. Such digital platforms facilitate seamless collaboration, enabling SMEs to work more effectively with partners, suppliers, and customers. Chiejina emphasizes, “Effective collaboration is essential for SMEs to innovate and respond to market demands swiftly. Businesses can enhance their agility and responsiveness by leveraging these tools, leading to better project outcomes and increased customer satisfaction, and further solidifying market position.

Having a customer relationship management system in place also allows easy interactions with current and potential customers, providing valuable insights into customer behavior and preferences. The importance of having a robust CRM system and transforming how SMEs engage with their customers can’t be overemphasized. Though CRM is not a toll SMEs prioritize, it allows for personalized communication and targeted marketing efforts, which can significantly boost customer loyalty and retention.”

Chiejina additionally recommended embedded finance solutions to enhance the way SMEs access financial services. Through the integration of payment processing, lending, and insurance directly into their business processes, SMEs can simplify access to financing and improve cash flow management. She states, “Embedded finance is a game-changer for SMEs. It allows them to access financial services seamlessly, reducing friction and enhancing their overall financial health. This integration not only streamlines operations but also empowers SMEs to make informed financial decisions in real time.

Chiejina’s extensive experience in the financial sector has equipped her with a deep understanding of the challenges and opportunities facing SMEs. She started her career at Oceanic Bank as a Relationship Manager in the Retail and Private Banking sectors. In this role, she effectively fostered team growth by enhancing customer acquisition and boosting product utilization through strategies like cross-selling and up-selling. Chiejina subsequently served as a Relationship Manager in SME Banking at Ecobank Nigeria Limited, where she was responsible for nurturing long-term client relationships and fostering revenue growth by engaging with clients based on their needs and acquiring new business.

Her career trajectory continued to flourish at United Bank for Africa, where she held several key positions, including Senior Relationship Manager in Commercial Banking and Senior Relationship Manager in Corporate Banking, implementing effective financing solutions and managing relationships with SMEs and large corporations. While at the bank, Chiejina reached record revenue levels for two consecutive years.
Chiejina holds a Master of Business Administration in Finance from Hult International Business School in London, a Master of Business Administration in Management from the University of Port Harcourt, and a Bachelor of Business Administration from Delta State University, Abraka.

She is also a member of the Association of Chartered Certified Accountants (ACCA), further underscoring her dedication to continuous professional development and adherence to industry standards.