In developed countries, there has been a significant economic growth with the proliferation of micro, small and medium enterprises (MSMEs). It is such a shame that the Nigerian government and banks are not maximizing the potential in MSMEs. According to a recent statistics from the National Bureau of Statistics, Nigeria currently has over 17 million MSMEs. This is just the figure accounted for, there are so many MSMEs unaccounted for in Nigeria.
While striving to remain in business, funding has been a consistent barrier to the growth and expansion of these MSMEs. This challenge could be solved by banks, however, most of them shy away terming it a ‘risky venture‘. However, some Nigerian banks are beginning to shift focus from corporate banking to retail banking which supports MSMEs.
Techpoint conducted a research on banks that support SMEs. Some of the parameters used are-
- How much of SME programs and features they have.
- How they deal with customer issues
- Accessibility and Interest rates on loans.
- Accessibility and ease of virtual banking.
Here are the top 5 Nigerian banks SMEs can bank on in ascending order
