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 bedeviled Nigeria’s SME sector in recent years.
“As a business entity, Stanbic IBTC understands that running a business is not always a bed of roses and that challenges vary from one business ecosystem to the next,” Adeniyi added.
“As a result, Stanbic IBTC Bank is always on the lookout for new ways to address business challenges as they arise.”
Adeniyi also pushed for economic diversification through policies targeted at boosting commercial growth in many areas, arguing that SMEs are critical to any economy’s large corporate environment.
“This would boost economic growth and lead to an improved standard of living for citizens,” he claims. He also recommended SMEs keep a close eye on their spending and make the required adjustments.”
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.