Stanbic IBTC Bank Plc has reaffirmed its commitment to supporting Nigeria’s small and medium company (SME) sector.
The bank recently held a webinar titled “Scaling Your Business in Challenging Economic Times,” which was well-attended by eager entrepreneurs hoping to overcome the economic issues that their businesses are now facing.
The COVID-19 pandemic, a lack of innovative solutions, and a lack of access to adequate business finance, according to Wole Adeniyi, CEO of Stanbic IBTC Bank, are among the difficulties that have bedevilled Nigeria’s SME sector in recent years.
Adeniyi said: “As a business entity, Stanbic IBTC understands that running a business is not a bed of roses and that challenges differ from one business ecosystem to another.
For this reason, Stanbic IBTC Bank is always in search of solutions to solve business challenges as they arise.”
Adeniyi also advocated for the diversification of the economy through policies that will be aimed at driving commercial growth in various sectors as SMEs are vital to the vast business ecosystem of any economy.
According to him, “this would boost economic growth and lead to an improved standard of living for the citizenry. He further advised SMEs to monitor their expenditure and make the necessary adjustments closely”.
Ayodele Ojosipe, head, Enterprise Banking, Stanbic IBTC Bank, explained how the pandemic affected SMEs and the future for the post-pandemic era, saying that issues faced by SMEs during the lockdown still have deep repercussions on their operations to this day.
He went on to say that while these issues have resulted in higher expenses of doing business, most SMEs’ inability to pass these costs on to their consumers has resulted in margin compression and outright losses in most cases, jeopardizing their long-term viability.
He recommended SMEs take advantage of the Stanbic IBTC unsecured SME loan, which is open to both existing and new Stanbic IBTC clients.
Ife Durosimi-Etti, the founder of AGS Tribe, emphasized the need for small businesses to explore innovative ways to stay relevant by determining what clients require.
She emphasized the benefits of collaborating with other business owners, avoiding unneeded loans, looking for grant opportunities, and participating in accelerator programs to gain visibility.