Strengthening SMEs to deepen financial inclusion, best option for FG— Enajemo-Isire
The only way to grow the country’s economy and turn the challenges facing the over 17 million entrepreneurs, who are in dire need of growth and expansion to contribute effectively to the nation’s Gross Domestic Product (GDP) crippled by dwindling revenue shortfall is to build the capacities of Small and Medium Enterprises (SMEs). Again, the only way to deepen financial inclusion is to tap into the sector currently driving the daily bread of over 17 million Nigerians which is SMEs.
This was the submission of the Chairman of Davo Dani Microfinance Bank Limited, Austin Enajemo-Isire in an interview in Lagos.
Explaining issues during the recent launch of a new branch of the bank, Enajemo-Isire said government has realised the need to provide the necessary support to entrepreneurs, and the best option now is to match words with action.
While wishing that the will power to drive through this policy is being firmly held to realise the full objective, Enajemo-Isire lamented that very few SMEs have financial freedom due to poor access to funding and modern techniques in driving small businesses.
But to change the tide, Enajemo-Isire, who was the Managing Director of Standard Alliance Life Insurance for over 13 years, said the bank has concluded plan to tap into the financial options provided by the Bank of Industry (BoI) and the Centre Bank of Nigeria (CBN), to increase its lending capacity.
In his remarks, the Managing Director of the bank, Odey Ndoma, said the bank already has about 20,000 customers and is currently making efforts to upgrade its operational profile to reach more entrepreneurs with latest tools to grow financial inclusion.