Ecobank Propose Cutting Edge Solutions At MSME Week
Managing Director of Ecobank Nigeria Limited, Patrick Akinwuntan, has restated the bank’s unwavering commitment to supporting and sustaining the development of Micro, Small and Medium Enterprises (MSMEs) in all sectors of the economy.
In a message to mark this year’s MSME week, Akinwuntan expressed satisfaction with the attention being paid to the subsector by both government and the private sectors, stressing that devoting one week to celebrating the sector would further generate participation, discourse, and attention to the role of the small businesses in the economy.
Ecobank, he assured, will continue to introduce cutting edge solutions as part of maintaining its industry leadership role by supporting the subsector to contribute more to the growth of the nation’s economy.
The Country Head, SME, Ecobank Nigeria, Emeka Agada, stressed that the bank remains the financial institution of choice for MSMEs in the country, realising that it remains a key driver of job creation, poverty alleviation and economic growth and development.
He said the bank had recently organized webinars on the need to support the subsector with capital, including examination of key issues and ways of achieving their objectives through digital financial inclusion.
Agada added that the bank also engaged various multilateral agencies and trade groups, including the Nigerian Association of Small & Medium Enterprises (NASME) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to detail various lending options, while harnessing and exploring the various Central Bank of Nigeria (CBN) intervention schemes as well as other funding and business opportunities provided by the bank.
“Ecobank is a major player in the SME space. We have won several awards in this regard; which is why Ecobank is commonly referred to as the SME friendly bank. We will continue to partner with CBN and other funding partners to play the important role of promoting economic growth and development through the process of financial intermediation in the subsector under any circumstance” he said.
Agada listed business loans offered by Ecobank to SMEs to include merchant advance for businesses using digital collection channels, inventory finance for key distributors, shop owner’s facility for traders, purchase order and invoice discounting, asset finance and agriculture finance.