In Nigeria, fintech is emerging as a crucial catalyst for the growth of Small and Medium Enterprises (SMEs), according to experts.
This sentiment was echoed at the Nigeria SMEs Confab 2024, organized by SUPERNEWS in Lagos, which focused on integrating SMEs into the financial services network through fintech.
Dr. Biodun Adedipe, founder of B. Adedipe Associates Limited, emphasized the significance of Micro, Small and Medium Enterprises (MSMEs) in driving sustainable and inclusive economies, not only through job creation but also innovation.
He noted that as Nigeria continues to undergo digital transformation and foster innovation in the financial sector, the importance of fintech in empowering SMEs will only continue to grow.
Adedipe identified limited access to finance and poor financial management competence as two major hurdles facing SMEs in Nigeria.
He observed that the lack of access to finance has been a persistent concern among stakeholders, with various responses emerging across different regions.
Charles Odii, Director General/CEO of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), represented by Olukayode Shode, Zonal Coordinator, South-West, highlighted the potential of fintech to enhance efficiency, accessibility, and security for SMEs.
He stressed that the convergence of finance and technology is revolutionizing the way banks operate and interact with customers, streamlining processes and reducing operational costs.
Odii also noted that fintech solutions, such as mobile banking apps and digital wallets, provide convenient access to financial services, regardless of location or credit history.
This increased inclusivity not only empowers individuals but also fuels economic growth by bringing previously marginalized populations into the formal financial system.
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