According to the CEO of Economic Forum Media Ltd, Jude Ndu, access to credit for MSMEs grew from two per cent to just four per cent in 13 years. This he said has not encouraged the growth or survival of many MSMEs, decrying their high mortality rate.

He made this known at the inaugural MSME finance awards convened by The Economic Forum Series in partnership with Nairametrics and DiGiComm Enterprise, which was held recently in Lagos.

Giving his remarks, he said the award is a celebration of innovation, influence and impact on empowering MSMEs in Nigeria.

“MSMEs are the backbone of our economy, driving growth, job creation and innovation. Yet, they face significant challenges in accessing finance, markets and resources. That’s why initiatives like this are crucial in promoting a supportive ecosystem for MSMEs to thrive,” he said.

CEO of Nairametrics Financial Advocates Ltd, Ugodre Obi Chukwu, said it is important to contribute to the high growth prospect of the MSME sector through strategic partnerships. He added that the awards seek to bridge a gap by promoting a supportive ecosystem for MSMEs to thrive by recognising, rewarding innovation and impact in MSME finance.

At the fireside chat, small businesses were given tips on how to leverage technology to expand, innovate and improve sales during these difficult times.
Speaking, the CEO, DiGiComm Enterprise, Ukaobisike Uzoije, praised the resilience of MSMEs, saying that despite the many challenges, they are still forging ahead and making it work. He urged the government at all levels and concerned stakeholders to continue advocating for MSME growth, innovation and financial inclusion.

Together, he said, Nigeria can create a more supportive ecosystem for MSMEs to thrive and drive economic prosperity.  Sterling Bank won the MSME Bank of the Year, Polaris Bank emerged best in MSME lending, while VFD Bank went home as the MSME Microfinance Bank of the Year. MasterCard emerged MSME FinTech Platform of the year; Airtel Smartcash was the MSME Payment Service Bank (PSB) of the year; Hydrogen Payment emerged best MSME Payment/Remittance Platform; Heirs Insurance was the best MSME insurance company of the year, while AXA Mansard emerged best in MSME health insurance.

Source: Guardian

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A statement made available to our correspondent on Sunday indicated that the organisers of the awards, The Economic Forum Series, Nairametrics, and DiGiComm Enterprises, said the event would be held on September 27.

The Chief Executive Officer of Economic Forum Media Limited, Jude Ndu, said, “This year’s MSME Finance Awards is a testament to the growing importance of MSMEs in the Nigerian economy. It provides a platform to celebrate institutions that are ensuring financial services reach the grassroots, helping to stimulate economic growth.”

The award categories include MSME Bank of the Year, Best MSME FinTech Payment Platform, Best MSME Microfinance Bank, and MSME Insurance Company of the Year, among others.

The Chief Executive Officer of Nairametrics, Ugodre Obi-Chukwu, emphasised the role of data-driven insights in promoting MSME growth, adding, “At Nairametrics, we are focused on empowering MSMEs with the knowledge and data they need to make informed decisions.”

The award recognises institutions that have truly championed innovation, execution, and sustainability in the MSME

ecosystem.”Also, the CEO of DiGiComm Enterprises Ltd, Ukaobisike Uzoije, stated that the awards would not only recognise excellence but also create opportunities for thought leadership and knowledge sharing.

“This event will bring together key players in the MSME space to discuss the future of financial inclusion and its impact on small businesses in Nigeria,” Uzoije said.

He noted that the event had also attracted support from stakeholders such as the Small and Medium Enterprise Development Agency of Nigeria Enhancing Financial Innovation & Access, and the Fintech Association of Nigeria.

Additionally, financial institutions including Access Bank, Sterling Bank, and Heirs Insurance are expected to play roles in the ceremony.

The PUNCH reports that the Federal Government has announced plans to reward innovative and resilient entrepreneurs who have excelled in their endeavours with monetary incentives.

The Senior Special Assistant on job creation and MSMEs, Temitola Adekunle-Johnson, said they would be rewarded with houses, cars and cash prices as part of events to mark the 2024 MSMEs Week.

Source: Punch

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