The Credit Bureau Association of Nigeria (CBAN) on the 1st July, 2021 stated that only four per cent out of the 40 million MSMEs in the country have access to credit in spite of all efforts by the Central Bank of Nigeria (CBN), credit bureaus, and financial institutions ( the most common of all is the commercial banks ,such as CitiBank Nigeria Limited, Ecobank Nigeria, Polaris Bank Limited, Access Bank Plc, Guaranty Trust Bank Plc, etc)to make loans accessible to all Micro Small and Medium Enterprises (MSMEs).
Dr. Tunde Popoola, the Managing Director, Credit Bureau Association of Nigeria said CBAN is seeking ways to make people have great access to credit for MSMEs by focusing on capacity building and awareness creation for small businesses.
At a webinar tagged “MSMEs and access to credit”, organised by CBAN, he said quick and easy access to credit for all MSMEs will be made a major task in order to make all MSMEs perform their roles in the economy as the engine of the nation’s economy.
He listed some of the issues that hinder MSMEs from having quick and easy access to credit as:
- Lack of adequate bookkeeping
- Inadequate capacity to present good business plans. Click here to get good business plan
- Inadequate business presence
- The challenge of providing collateral to be used to access credit.
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