Keystone Bank Creates Growbiz Account for SMEs with Various Benefits

By Dipo Olowookere

There is no doubt that for long, the Small and Medium-sized Enterprises (SMEs) have been made to operate without the necessary backings, but as part of the Federal Government’s diversification agenda, they have been receiving attention lately.

One lender that has worked hard to ensure small businesses grow into big companies is Keystone Bank Nigeria Limited and it has demonstrated its further commitment to this by creating a special account for SMEs owners in the country.

Called the Growbiz Account, it is designed to meet the needs of business owners and organizations; sole proprietors, partnerships & limited liability companies.

The product is available in two variants: GrowBiz Gold Account (with minimum balance); GrowBiz Classic Account (without minimum balance).

Each variant is broken down into three segments Individuals, SMEs/Traders, Corporates.

Speaking on this development, the Acting Managing Director of Keystone Bank, Mr Hafiz Bakare, noted that the importance of SMEs to the growth of the economy cannot be overemphasised.

He said that the current employment rate could be bolstered if SMEs are provided with a conducive ecosystem with which to thrive and this he said, was not only the purview of the government.

“While the government is making efforts to increase the ease of doing business in Nigeria, Financial institutions have a significant role to play in supporting SMEs and this is why Keystone Bank is repositioning its GrowBiz Account to create financial options for businesses,” Mr Bakare said.

He pointed out the importance of SMEs to the development of the nation’s economy noting that they provide a means of employment generation, improvement of local technology, output diversification, development of indigenous entrepreneurship and forward integration with larger-scale industries.

“Today in Nigeria, many factors have contributed to the underperformance of micro enterprises and their contributions to economic growth.

“We at Keystone Bank seek to help bridge the gap by not only providing finance, but by offering financial advisory services and relevant platforms to assist in business growth,” the bank chief said.

Keystone Bank has been at the forefront of supporting micro enterprises as it drives economic growth from the grass roots of the society.

Recently, the bank in conjunction with the Enugu State Ministry of Commerce & Industry provided support to Micro, Small and Medium scale enterprises within the state as part of an on-going government initiative.