Experts advocate fintech adoption to grow SMEs
L-R: Eric Rotimi Siwoku, Head, Strategy & Retail Business, SUNU Assurances Nigeria Plc; Maureen Chigbo, President, Guild of Corporate Online Publishers (GOCOP); Olukayode Shode, Deputy Director, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN); Ngozi Onyeakusi, Publisher/CEO, SuperNews Nigeria; Dr. Abiodun Adedipe, keynote speaker and Managing Director/CEO, Biodun Adedipe & Associates Ltd; Yeye Modupe Dada, Chairman, Nigeria Association of Small and Medium Enterprises (NASME), Lagos State, Chapter, and Kasimu Kurfi Garba. Managing Director/CEO, APT Securities and Funds Limited, during the Nigeria SME's Confab '24 organised by The SuperNews Nigeria, in Lagos on Thursday.
Experts advocate fintech adoption to grow SMEs
Stakeholders in the financial sector have said fintech adoption is relevant for the growth of small and medium enterprises.
They spoke at Nigeria SMEs Confab 2024 in Lagos, organized by SuperNews on Thursday with the theme, ‘Bringing SMEs into the financial services network via fintech’.
The conference was well attended by stakeholders in the financial sector, including representatives from Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Nigerian Communications Commission (NCC) among others.
While speaking on the topic, “Bringing SMEs into the financial services network via fintech’, the keynote speaker, Dr. Biodun Adedipe, noted that MSMEs are pivotal to sustainable and inclusive economies, not only through job creation but also innovation sparks.
Adedipe who is the founder of B. Adedipe Associates Limited, said, “As Nigeria continues to embrace digital transformation and foster innovation in the financial sector, the role of fintech in empowering SMEs will only grow in significance.
“With a young and dynamic entrepreneurial ecosystem, the demand for fintech solutions tailored for SMEs is expected to soar, driving further innovation and competition in the market.”
He mentioned limited access to finance and poor financial management competence as two key challenges of SMEs.
“The first has been a major concern among various stakeholders of the sector and there have been diverse responses to it across diverse geographies,” he said.
The Publisher, SuperNews, Ngozi Onyeakusi, said the choice of the theme was borne out of the quest to improve the business climate for SMEs in Nigeria by leveraging on technology in terms of accessing financial services.
She said, “It’s unfortunate that SMEs that form the bedrock of every economy are plagued by a lot of challenges, especially inadequate access to finance.
“Indeed, reports have shown that the challenge of SMEs in accessing funds could be traced to inadequate access to financial institutions and education, skills, experience of owners/managers, high interest rates, gender discrimination, among others.
“It therefore becomes imperative to leverage on technology to ensure their sustainability, productivity and profitability.”
Take proactive steps to understand the implications of using purchased accounts and make decisions that align with your long-term business goals.
An interesting topic and I’m glad to come across your page where I found some helpful insights. Check out my website UY4 too, if you need additional resources about Content Writing.