Stanbic IBTC, FATE Foundation Train SMEs on Efficient Funds Utilisation, Others

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By Modupe Gbadeyanka

About 2,000 small business owners in the country have undergone a training programme to equip them with the necessary tools to enlarge their operations.

The workshop was organised by Stanbic IBTC Bank in partnership with the FATE foundation due to the vital role Small and Medium Scale Enterprises (SMEs) play in the nation’s economy.

The lender explained that the training aligns with its mandate of driving business growth and building capacities to create successful enterprises in the country.

“At Stanbic IBTC, we recognise the importance of SMEs to the nation’s economy. Therefore, the Stanbic IBTC SME Capacity Building Programme aims to equip SMEs with the skills and competencies to build sound and viable businesses, improve their capacity to access the available credit, and enhance their ability for efficient funds utilisation.”

“The program was created to educate various business owners across various sectors. Each course had 10 modules, and each module had video lessons, graded quizzes, and downloadable workbooks,” the Head of Enterprise Banking (SME) at Stanbic IBTC Bank, Mr Nnaemeka Obasi, stated.

He added that the financial institution implemented the capacity building programme for individuals through online training and advisory sessions to enable business growth in the SME sector.

“SMEs are recognised as the main engine for growth and development because of their significant contributions to the nation’s gross domestic product (GDP). It is not in doubt that many developed countries who enjoy a growing and booming economy today attribute most of their achievements to a flourishing SME sector,” the banker added.

“Due to their considerable numbers, size and nature of operations, the role of SMEs in promoting indigenous sources of growth and creating viable businesses for accelerated economic expansion and development cannot be overlooked.

“We have demonstrated our commitment to SMEs by training and upskilling them in their various business fields. We are confident that these capacity sessions will boost their businesses significantly in the coming years,” Mr Nnaemeka said.

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