First Bank Nigeria and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) have entered into a strategic Memorandum of Understanding (MoU) to strengthen the growth and digital transformation of Small and Medium Enterprises (SMEs) in Nigeria.
The signing ceremony, held at First Bank’s headquarters, marks a significant milestone in efforts to enhance business activities and support the development of SMEs in the country.
Dr. Adesola Adeduntan, CEO of First Bank Nigeria, praised the collaboration, emphasizing the crucial role played by SMEs in driving economic diversification, job creation, wealth distribution, and social stability.
He highlighted First Bank’s commitment to supporting SMEs through their SME connect initiative, which offers tailored financial and non-financial solutions to meet the unique needs of the growing SME community.
In 2022 alone, First Bank disbursed approximately N455 billion through specialized loan products designed to empower SMEs across various industry segments.
The bank has also been at the forefront of delivering innovative e-payment products and services, facilitating seamless trade and collections for SMEs and promoting a conducive business environment.
Olawale Fasanya, Director General of SMEDAN, expressed delight at the partnership, underscoring the significance of trust in fostering SME growth.
Fasanya acknowledged the challenges faced by SMEs in terms of trust, as there is a perception that government support equates to free money without repayment obligations.
However, he assured that SMEDAN is actively engaged in advocacy efforts to educate SMEs about responsible borrowing and discourage direct government involvement in lending to SMEs.
The collaboration between First Bank and SMEDAN holds immense potential for driving the growth and sustainability of SMEs in Nigeria.
By leveraging their expertise, resources, and networks, both entities aim to create an enabling environment that supports the success of SMEs, promotes entrepreneurship, and contributes to the overall economic development of the nation.
The partnership is expected to provide SMEs with increased access to financing, technological advancements, and comprehensive support services.
The collaboration has generated high anticipation among stakeholders, who eagerly await witnessing the positive impact it will have on the SME landscape.
The partnership holds the potential to propel Nigerian businesses towards greater success and prosperity, fostering a thriving SME sector and contributing to the overall growth of the Nigerian economy
