Wema Bank Plc has reaffirmed its commitment to improving financial literacy and optimisation among its customers, particularly in the country’s Small and Medium Enterprises (SMEs).
Facilitators presented thoughts on how SMEs may upscale their operations and the Wema products/services they can employ in a recent webinar titled “Unbundling Tax, Legal, and Compliance – Issues for SMEs.”
The webinar is one of the ways the bank is educating its stockholders about financial literacy and business optimization. Hilary Ajodo, Head, Legal Services, Wema Bank; Taiwo Oyedele, Fiscal Policy Partner & Africa Tax Leader, PricewaterhouseCoopers (PwC); Linda Ochugbua, Head, Online Sales & Digital Platforms, Business Day; and Olufemi Akinfolarin, Head, Corporate Strategy & Planning, Wema Bank
On the topic of ‘Legal Challenges Faced by SMEs,’ Hilary Ajodo, Head, Legal Services, Wema Bank, noted that for any serious-minded entrepreneur to avoid floundering, business education and registration were vital.
Entrepreneurs, according to Ajodo, should start small by registering their business as an entity before converting to a limited liability corporation and figuring out how to cut costs while increasing profits.
He encouraged SME owners to avoid entering into firms they are unfamiliar with, signing any contract without appropriate information, and avoiding litigation as a first step in a dispute in favor of alternative dispute resolution methods.
Taiwo Oyedele, fiscal policy partner and Africa tax head at PriceWaterhouse Coopers (PwC), also spoke about the importance of long-term business and regulatory dynamics for success.
He also advised SMEs to develop financial literacy and composite business intelligence, saying that this would help them better grasp their tax requirements, regulatory compliance, and contractual processes.