Modupe Gbadeyanka
By Modupe Gbadeyanka
The decision of Ecobank Group to give adequate support to the Micro, Small, and Medium Enterprises (MSMEs) in the country has been applauded.
This applause came from the Managing Director of Development Bank of Nigeria (DBN), Mr Tony Okpanachi, during the virtual launch of the first Pan-African MSME Academy.
The MSME Academy was an initiative of the African Union Development Agency, AUDA-NEPAD, in partnership with the Ecobank Group.
Mr Okpanachi said the AUDA- NEPAD and Ecobank partnership must be lauded as the entrepreneurial potential and critical role of MSMEs in economic growth and development in Nigeria is clear.
He noted that DBN will continue to collaborate with financial institutions to assist them with all necessary support to play their role in the economy.
The DBN chief said to be bankable, the MSMEs should have an accurate financial statement, collaterals, good credit history, viable business model and sound corporate governance, listing the sources of funding to include equity, grants and credit.
On the part of the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, pledged the bank’s further support for small businesses operating in the country, stressing that the MSMEs sub-sector remains the most affected by the COVID-19 pandemic and needs support in the revamping of the nation’s economy.
He maintained that MSMEs are the drivers of post COVID-19 economic recovery for Nigeria, noting that the sub-sector should take advantage of technology, financial services, and support from the government to drive the survival and growth of their businesses.
Further, Mr Akinwuntan said the MSME Academy provides easy access to practical training and resources on financing opportunities in various countries in Africa, how to build a digital presence for businesses and how to adapt business operations in the era of the COVID-19 pandemic.
“As an MSME friendly bank, we have been helping them with capacity building; providing simple and easy access to loans in various sectors including agriculture, creative industry, healthcare and commerce amongst others; access to markets via our e-commerce solutions and simple but robust digital platforms for collections and payments.
“We have also provided a channel to enable MSMEs to open various accounts via self-service on our webpage. I encourage all MSMEs in the country to avail themselves of this opportunity to grow their business,” he said.
Representing AUDA-NEPAD, Mr Amine Idriss Adoum, Director, Programme Delivery & Coordination, explained that the MSME Academy aims to build the capacities of MSMEs across Africa through a combination of relevant content library, a network of institutions specialized in MSME support such as incubators and accelerators, and a community of peers, mentors, and advisors.
He noted that the key objectives of the academy is to radically expand access to finance by aggregating smaller financial institutions such as micro-credit institutions and credit unions that have access to micro-enterprises, standardising their processes, and building trust in their capabilities.
“The MSME Digital Platform is a one-stop-shop for all MSMEs across Africa to access all these three programmes which jointly address MSMEs’ challenges with access to capacity building, markets, and capital,” he explained.
The Pan-African MSME Academy provides support to African MSMEs and is structured along three pillars, namely: the MSME Academy, MSME Marketplace, and MSME Financing Support Programme to be delivered through an MSME Digital Platform.
It provides easy access to practical training and resources on financing opportunities in various countries in Africa, how to build a digital presence for businesses and how to adapt business operations in the era of the COVID-19 pandemic.
It also offers free access to market intelligence, mentors with a diverse experience and assisting with access to funding opportunities.
