Home Brand Talk First Bank, SMEDAN Partner to Boost SME Growth, Digital Transformation
Brand Talk

First Bank, SMEDAN Partner to Boost SME Growth, Digital Transformation

First Bank Nigeria and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) have formed a strategic Memorandum of Understanding (MoU) with the aim of enhancing the development and digitalization of Small and Medium Enterprises (SMEs) in Nigeria.

The ceremony, held at the headquarters of First Bank Nigeria, signifies a major milestone in the collective efforts to boost business activities and provide support for the advancement of Small and Medium Enterprises (SMEs) in the country.

Dr. Adesola Adeduntan, CEO of First Bank Nigeria, lauded the collaboration, emphasizing the vital role played by SMEs in driving economic diversification, generating employment opportunities, promoting equitable distribution of wealth, and maintaining social stability.

He highlighted First Bank’s unwavering commitment to supporting SMEs through their dedicated SME Connect initiative, which offers customized financial and non-financial solutions tailored to address the specific needs of the growing SME community.

In 2022 alone, First Bank disbursed approximately N455 billion through specialized loan products specifically designed to empower SMEs operating across various industry sectors.

The bank has also been at the forefront of delivering innovative electronic payment products and services, facilitating seamless trade transactions and collections for SMEs, while actively fostering a favorable business environment.

Olawale Fasanya, the Director General of SMEDAN, expressed immense satisfaction with the partnership, underscoring the importance of trust in fostering the growth of SMEs.

Fasanya acknowledged the challenges faced by SMEs in terms of establishing trust, as there is a perception that government support equates to free money without any repayment obligations.

The ceremony, held at the headquarters of First Bank Nigeria, signifies a major milestone in the collective efforts to boost business activities and provide support for the advancement of Small and Medium Enterprises (SMEs) in the country.

Dr. Adesola Adeduntan, CEO of First Bank Nigeria, lauded the collaboration, emphasizing the vital role played by SMEs in driving economic diversification, generating employment opportunities, promoting equitable distribution of wealth, and maintaining social stability.

He highlighted First Bank’s unwavering commitment to supporting SMEs through their dedicated SME Connect initiative, which offers customized financial and non-financial solutions tailored to address the specific needs of the growing SME community.

In 2022 alone, First Bank disbursed approximately N455 billion through specialized loan products specifically designed to empower SMEs operating across various industry sectors.

The bank has also been at the forefront of delivering innovative electronic payment products and services, facilitating seamless trade transactions and collections for SMEs, while actively fostering a favorable business environment.

Olawale Fasanya, the Director General of SMEDAN, expressed immense satisfaction with the partnership, underscoring the importance of trust in fostering the growth of SMEs.

Fasanya acknowledged the challenges faced by SMEs in terms of establishing trust, as there is a perception that government support equates to free money without any repayment obligations.

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