Access, UBA, Other Top Nigerian Banks That Empowered SMEs in 2023
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Small enterprises, despite their modest size, collectively have a huge impact on industries, communities, and even countries.
In the Nigerian economy, small firms are essential to stimulate economic growth, innovation, and job creation.
Source: Getty Images
In recognition of their significant role in the economy, Nigerian banks have committed to empowering small businesses to boost job creation, and innovation to improve the economy.
Legit.ng has highlighted 10 important banks that empowered SMEs in 2023.
Keystone Bank Limited
To empower SMEs to take charge of their financial future and take advantage of opportunities in the financial industry, Keystone Bank launched several projects to teach them bookkeeping and financial literacy.
Through a project called "The Keystone Women Empowerment Programme," bank workers gave cash tokens and grinding machines to over 600 women in Abuja, Calabar, Asaba, and Port Harcourt in June to combat unemployment.
Furthermore, to enhance the lives of female-owned Micro, Small, and Medium-Sized Enterprises in Mbaise, Imo state, the bank's Women Economic Empowerment Committee has teamed up with the capacity-building group Whispering Hope Africa Initiative (WHAIafrica).
Union Bank of Nigeria partners SMEs
Union Bank of Nigeria (UBN) sponsored the eighth edition of the Fate Foundation Alumni Conference, which focused on expanding opportunities for Small and Medium Enterprises (SMEs) in the country.
The occasion offered the bank a unique chance to collaborate with the Fate Foundation to further their shared goals of supporting the expansion of SMEs and facilitating the success of small business owners in Nigeria.
Almost 7,500 graduates of the NGO's various Medium Scale and Medium Enterprise training programs have been influenced over the years.
Access Bank Partners Asolar to Empower Nigerian SMEs
Access Bank Plc, in collaboration with Asolar, launched a green energy solution to tackle power supply challenges faced by small and medium enterprises and rural communities across the country.
The products, which included solar-powered TV sets, Air Conditioners, and PoS machines, among many others, were launched at the Access Bank Branch in Garki, Abuja.
Providus Bank SME program 2023 for young Nigerian entreprenneurs
To empower Nigerian business owners to construct long-term strategic plans that will revolutionize their companies and increase profitability, ProvidusBank established the ProvidusBank SME Program.
The program's objectives are to assist companies in achieving their growth plans and participants' leadership potential to manage teams well and articulate their company's value proposition.
Polaris Bank Supports SMEs
Following the conclusion of the 5th Lagos Fashion Souk, Polaris Bank and Eventful Limited reaffirmed their support for the country's Small and Medium Enterprises (SMEs) sector by granting three enterprises the authority to expand their operations.
In addition to the winners of the business pitches, the Fashion Souk's Most Original Store and Best Decorated Store received additional awards.
Polaris Bank awarded equipment grants to the winners so they could grow their enterprises even more.
Wema Bank Partners Enugu State Government To Train Over 250 SMEs
Wema Bank Plc urged Small and Medium-Scale Enterprise (SME) owners and managers in Nigeria to explore the various funding opportunities that the bank provides to grow their businesses.
It made the call during the business growth and innovation conference held in Enugu, in partnership with the Enugu State Government for SMEs.
Over 250 SMEs attended the conference, which featured renowned resource persons, including Samuel Oyekanmi, a macroeconomic analyst; Deji Rahman, CEO and Lead Consultant of Reap and Arcenciel; Sola Adesakin, a finance coach and Lead Consultant of Smart Stewards Limited; and Iyore Ogbuigwe, a strategy consultant specializing in Sales Force Management and Lead of Ultravantage Solutions.
First Bank and SMEDAN Partner to Empower Nigerian SMEs
A strategic Memorandum of Understanding (MoU) was signed between First Bank of Nigeria and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) to support the expansion and digital transformation of SMEs in Nigeria.
The signing event, which was held at First Bank's Lagos headquarters, was a critical turning point in the initiative to improve commercial activity and aid in the growth of SMEs in the nation.
FCMB offers 100m to early-stage SMEs
Small and medium-sized businesses (SMEs) gave access to N5 million to N100 million in loans from First City Monument Bank (FCMB) to help them finance the acquisition of equipment that will enable them to develop and thrive.
The bank announced that even though over 25,800 SMEs have already accessed this facility, the project still continues through its SME Asset Finance Facility.
Ecobank promotes Adire business
Ecobank is committed to helping business owners in the adire industry expand both domestically and throughout Africa.
The bank demonstrated its support by hosting the "Adire Experience," a three-day exhibition event in its second edition that drew a sizable number of purchasers and other influential people from throughout the nation.
UBA strengthens trade financing operations
The Nigerian United Bank for Africa (UBA) and the African Export-Import Bank (Afreximbank) signed a trade finance deal worth $150 million in an important step to strengthen UBA's support for regional small and medium-sized enterprises (SMEs).
During the third Intra-African Trade Fair (IATF2023), which Afreximbank hosted in Egypt from November 9 to November 15, the agreement was formally signed on November 11.
Enhancing UBA's foreign trade transactions is the goal of the financing facility, especially for strategic imports.
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Source: Legit.ng
