Nigeria: Access Bank calls for entrepreneurs’ input in SME policies

Jan 22, 2015

The bank's CEO said entrepreneurs should be involved in making policies that affect the sector.

There is a lack of input from Nigerian entrepreneurs in policies that affect small and medium-sized enterprises (SMEs), Access Bank Plc chief executive officer Herbert Wigwe said on Monday (January 19th).

During a speech
the United Nation’s Global Compact forum in Lagos, he said entrepreneurs should be involved in making policies that affect the sector, the Nigerian Tribune reports.

He identified the critical success factors for the SMEs to include access to funding, extensible business architecture, government policies and capacity building,

He added that issues hampering the sector include low managerial expertise, poor project feasibility studies, lack of proper book-keeping and absence of corporate governance.

"There is the need for capacity and competence building, formal and informal training in educational institutions and training of technical manpower in firms and organisations," he said.

Herbert Wigwe
revealed that Access Bank Plc had constituted a team that would continue to work with SMEs in order to grow their businesses, adding that the bank intends to bring down cost of banking for SMEs.

This announcement comes a few weeks after eleven Nigerian banks partnered to improve
access to credit
in the West African nation.

Access Bank, Diamond Bank, Ecobank Nigeria, Fidelity Bank, First Bank Nigeria, First City Monument Bank, Skye Bank, Stanbic IBTC, Standard Chartered and the United Bank for Africa are to collaborate on providing long-term loans to qualifying small businesses.ADNFCR-2976-ID-801771371-ADNFCR