The Credit Bureau Association of Nigeria (CBAN) has stated that despite efforts by the Central Bank of Nigeria (CBN), credit bureaus, and financial institutions to make loans accessible to Micro Small and Medium Enterprises (MSMEs), only four per cent out of the 40 million MSMEs in the country have access to credit.
The Managing Director, Chairman Credit Bureau Association of Nigeria, Dr. Tunde Popoola, said it is as a result of this that CBAN is seeking ways to deepen access to credit for MSMEs by focusing on capacity building and awareness creation for small businesses. At a webinar tagged “MSMEs and access to credit”, organised by CBAN, he said easy access to credit has become imperative for MSMEs to perform their role as the engine of growth of the economy.
He advised MSMEs to go digital with their financial records, saying that there are various funding opportunities and intervention funds by the government, fintech companies and commercial banks. The Managing Partner, Taisha Associates, Taiwo Popoola, said MSMEs are the bedrock of the economy, but stated that bookkeeping still remains a challenge affecting their operations in the country.
