Banking
Stanbic IBTC SME Lending: Enabling National Growth
SMEs play a pivotal role in the growth of nations. They are significant contributors to job creation and economic development. According to Price Waterhouse Coopers, Nigerian SMEs contribute 48% of national GDP, account for 96% of businesses, and about 84% of employment.
Numbering about 41.5 million, they account for about 50% of industrial jobs and nearly 90% of the manufacturing sector, in terms of the number of enterprises. It is no news that SMEs are an important aspect of innovation and diversification.
The SME sector is promising if there is a strategic approach to investing in its growth. Not only will it help reduce the rate of unemployment, but it will also impact earnings positively and enhance capacity, culminating in economic growth.
Despite its vital impact on economic development, SMEs in Nigeria have operated under very stringent conditions. Capacity remains a huge problem, so is financing, as well as infrastructure: utilities, logistics, and so on.
Lately, the coronavirus pandemic has taken a heavy toll on the sector, giving way to business disruptions; hence, the need for SME operators to have access to funds and training that will continuously expose them to modern and innovative marketing methods cannot be overemphasised.
Understanding what is required is the first step towards providing an adequate solution. Stanbic IBTC understands the critical linkages provided by SMEs to industries and employment generation. Thus, the financial institution has developed solutions to help address some of the challenges in this segment. Stanbic IBTC has, for instance, built a reputation in capacity building for SMEs through the Stanbic IBTC SME Capacity Building Programme. The bank also continuously provides much-needed support in terms of skills acquisition and funding via tailored products.
The conception of this solution is geared towards encouraging SME growth in an ever-evolving economy. According to a World Bank report, Nigeria ranked 131 out of 189 countries in the 2020 Ease of Doing Business Index. This goes to re-iterate that access to finance is a key constraint to SME growth.
Helping SMEs meet short-time goals will go a long way in enabling their growth. For instance, Stanbic IBTC’s SME loan is designed to boost working capital and bridge urgent cash flow needs.
This is all in the bid to support aspiring and emerging entrepreneurs in Nigeria to sustain their businesses while also facilitating the development of an enabling business environment and thriving ecosystem.
Furthermore, credit loan solutions enable SMEs to get loans with ease and convenience. It also offers benefits that include repayment flexibility and limited documentation with no collateral.
One thing to note about this solution is that the ease of accessibility to funds is impressive to help address urgent financial challenges faced by small and medium scale businesses in Nigeria. The temporary overdraft provides financial credits to both new and existing customers with a maximum loan repayment duration of 90 days.
The loan solution offers speedy, robust funds to prospective customers, including entrepreneurs seeking urgent funds or temporary overdrafts to cater to immediate business needs.
The bank has expressed its commitment to continue to develop a unique value proposition to support SMEs with transactional products: savings and investment solutions, lending products; insurance solutions; payment solutions, and wealth protection solutions underpinned by an investment in technology. This will make banking more accessible and help the sector players meet their bottom lines while contributing to the nation’s growth and development.
Stanbic IBTC Bank’s determination to harness the strong entrepreneurial culture of Nigerians remains evident as the financial institution continues to innovate to help build a vibrant SME sector.
By Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
