Small and medium-sized enterprises play a crucial role in contributing to national Gross Domestic Product (GDP), reducing unemployment and generally stabilizing the economy. In Nigeria, at least 9 out of every 10 businesses are SMEs, and they employ over 30 million people and account for an estimated half of Nigeria’s GDP, according to the National Bureau of Statistics.

So, in order to bolster digital enhancement for customers, Nigerian top-tier lender, Diamond Bank Plc set a goal of ensuring that customers have access to various mobile financial service offerings.  These services range from opening accounts which offer customers a safe and easy means of opening and operating a full bank account from the convenience of their MTN mobile phones, to accounts mainly targeted at market entrepreneurs/traders.

In an exclusive interview with Ventures Africa, Head, Retail Banking Businesses, Diamond Bank Plc, Robert Giles sheds light on what needs to be done to address poor acceptance of mobile money in Nigeria and the role of Digital Financial Services in growing small and medium-sized enterprises.