E-Financial
Heritage Bank to Empower more MSMEs
Mr. Ifie Sekibo, group managing director, Heritage Bank, at the Round Table Discussion and MSME Success Stories, themed: ‘The Economic Outlook-What Future for MSMEs in Nigeria?, where other experts brain-stormed along with him to fashion ways forward for the Nigerian SMEs.
As part of the bank’s commitment to empower the SMEs, Sekibo said led to launching of SMEs Clinic that will help small businesses address challenges associated with setting up businesses while mitigating the effect of certain decisions that may be taken.
Represented by Mary Akpobome who spoke extempore during a panel discussion noted that the clinic was established as a result of the gap left by financial service providers in failing to provide fresh ideas, solution based strategies and specialized service packages to small businesses.
He said although small and medium scale enterprises (SMEs) have proved to be the crucial engines of industrial growth in developing economies like Nigeria, it is necessary to create strategies that can withstand the dynamics of the changing business environment rather than focusing on funds generation.
He said since the SMEs Clinic was established, many small businesses have sprung up and successfully on operation due to, not only the funding, but business advisory it freely offered, adding that financing is not the only problem SMEs face, but other necessary inputs.
He enumerated business built on enduring business platform, and business model among others stand the chance to get loan from the bank.
“Heritage Bank was established as part of the effort to fill the gap left by financial service providers in failing to provide fresh ideas, solution based strategies and specialized service packages to small businesses. We pay a lot of attention to SMEs
“Financing is not the problem, but the other business inputs. Heritage bank has raised a lot of small businesses with SME Clinic. With it, we have built a lot of enduring organisations; we have done more that advisory than money. For us to extend loan to you to finance your business, you must have good business model”, he said.
The industrial experts in the Micro, Small and Medium Enterprises (MSMEs) in the Nigeria’s real sector at occasion unanimously agreed that for the nation to have economic breakthrough as envisaged in the present dispensation of availability of investible funds from the government, the vision of sustainability in business should be taken as paramount by the operators.
The other experts from the financial institutions, business organisations and academia spoke in at the event in Lagos emphasised the relevance of booming SMEs to take the centre stage as a major driver of the economy as well as contributes immensely and filling the dollar drought gap being experienced in the country brought about by the fallen prices of crude in the international oil market.
A senior lecturer, Lagos Business School, Dr. Doyin Salami, who opened the floodgate of speeches in his tagged presentation: ‘2015 Economic Outlook’ said the SME operational strategies in 2015 would be three-pronged on Election, Transition and Normalcy.
Salami, said who wins the present presidential election is not the main issue but the outcome of the election. He maintained that the positive outcome would lead to the smooth transition and expected normalcy in the socio-economic of the country.
He said presently, the dream of running the economy on a private-driven platform is being threatened by insecurity, uncertainty in an election year and the widening threats in communal clashes across the country.
He caution against continued emphases placed on oil as major source of foreign exchange to Nigeria, but urged the government to embrace industrialization by creating policies that would help leapfrog the Nigeria’s SME sub-sector, identified as backbone of any nation, both the industrialized and unindustrialized.
Presently, there over 17 million SMEs in Nigeria
He expressed fear that Nigeria is under fiscal break-even threat with international crude price below $60, insisting that for “Nigeria to balance the economy and be able to pay salaries both at the federal and states levels, the price of crude should hover between $65 and $75 per barrel.”
According to him, “there is a fundamental problem in 2015 and beyond if the down south movement in crude oil persists caused by oil glut. The development has led to the 2015 budget proposal of which the recurrent expenditure must be maintained at the expense of capital expenditure. Even some states government currently cannot be able to pay their workers’ salaries.
“Nigerians should no more live life as they wish but as they see it.”
Lead Consult ThistlePraxix, Dr. (Mrs.) Ini Onuk who spoke on ‘MSMEs and Sustainability’ said any entrepreneur who wants to succeed must identify opportunity, be creative, daring, and risk taking.
She stated that, entrepreneurs are men and women of action who are courageous, alert and sensitive to environment and possess ability to create visions concerning the business environment. She asserted that, the present high mortality rate of small business is awful to contemplate and constitute danger to the entire economic system. She said such development represents serious financial pressure on the nation’s economy as well as a waste of valuable resources.
With the current lull in the business activities as a result of the 2015 election year the business owners should always consider challenging situations and be prepared to meet them pre-planned strategies.
She said the trend where ownership stems mainly from the fact that most SMEs are family businesses structured along sole-proprietorship or partnership is no more in vogue, but needed expansion in terms ownership and decision making.
As a consequence, she argued that managerial decisions here are usually at the mercy of the key owner who in most cases lacks basic managerial skills, qualities and culture to manage a business successfully.
This Onuk regretted also has effects on the management structure and employees-employer relationship.
SMEs should learn creative ways to manage difficult times, example the current condition occasioned by the forth coming 2015 general elections, adding that SMEs owners should always be prepared for unpredictable business situation.
She said also, SMEs should be surrounded by strong support network of trusted professional contact and close relations, especially the consultants for proper advise.
Lastly, she said the entrepreneur should always have a back up business plan for new products and services
She concluded that there is no doubt that SMEs can be a source of development and an engine of growth as the case with Asian countries and America. She maintained that SMEs should therefore take their place in the economic policy priority of government in Nigeria.
Mr. Waheed Olagunju, Executive Director, (SME) Bank of Industry who spoke impromptu as a panelist member on ‘Opportunity and Growth Strategies Available for MSME 2015’highlighted some of the hindrances to easy access to available government’s intervention funds
For him, it has become clear that the lack of trained manpower and management skills constitute major challenges to survival of MSMEs the banks observed before granting loans to borrowers.
He also added that inefficiency in overall business management and poor record keeping is also a major feature of most SMEs the bank put into consideration before granting loans.
According to him, the general requirements for accessing loans in the development bank include having a well-articulated business model, which should have about four sections. The first and second requirements require that the BoI know the business plan the applicant offers and his / her target market.
Third, the applicant must convince the bank of his/her value composition, that is, why people should buy his /her product(s). The applicant should be able to say how he/she intends to create the value proposition, Olagunju said.
Furthermore, the applicant must be able to articulate personnel requirements and identify markets for the products he/she wants to sell.
Financial Derivatives Company (FDC) Limited, a premier economic think-tank and financial advisory firm, led by Bismarck Rewane, has reported that Nigerians have accumulated an estimated $59 billion in cryptocurrency holdings.
Bismarck Rewane
According to data released by the firm highlights the country’s emergence as one of Africa’s and the world’s major players in digital assets.
The earlier disclosure reflects a profound shift in Nigeria’s financial landscape.
In Africa’s largest economy, crypto has moved from a fringe activity to a mainstream tool amid persistent inflation and naira volatility.
Citizens and businesses are increasingly turning to dollar-pegged stablecoins and decentralised platforms, building a parallel financial system with significant economic influence.
Nigeria continues to rank among global leaders in adoption.
According to Chainalysis’ 2024 Global Crypto Adoption Index, the country placed second worldwide for grassroots adoption, driven by widespread use in everyday transactions and cross-border commerce.
Despite these impressive statistics, a notable contradiction remains in public perception.
While stocks, real estate, mutual funds, and foreign currency are openly discussed, many Nigerians still approach cryptocurrency with caution, often downplaying their involvement.
Crypto assets, or cryptocurrencies, are digital assets utilizing cryptography, peer-to-peer networking, and distributed ledger technologies (like blockchains) to secure, verify, and record transactions.
Unlike traditional fiat currencies issued by central banks, these assets operate without central intermediaries, functioning globally as alternative stores of value or transactional mediums.
Flutterwave, an African-founded payments technology company, has partnered with Xoom, PayPal’s international digital money transfer service, to enable faster international money transfers into Nigeria.
The partnership connects Xoom’s global money transfer network with Flutterwave’s local payout infrastructure, allowing customers worldwide to send funds directly to Nigerian bank accounts with local settlement in naira.
Under the arrangement, Flutterwave converts Xoom transfers and settles them locally, enabling recipients to receive funds directly into accounts held at Access Bank, United Bank for Africa, Zenith Bank, First Bank of Nigeria, Guaranty Trust Bank and other participating banks.
Nigeria is one of Sub-Saharan Africa’s largest remittance recipients, receiving more than $20 billion in personal remittances in 2024. However, international payments have historically been affected by foreign exchange constraints and settlement delays.
Flutterwave said the partnership aims to address those challenges by combining Xoom’s international reach with its local compliance capabilities and banking partnerships to simplify cross-border money transfers into Nigeria.
Xoom enables consumers to send money, pay bills and top up mobile phones in approximately 160 markets worldwide as part of PayPal’s global payments ecosystem.
“Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy,” said Olugbenga Agboola, founder and CEO of Flutterwave.
“This partnership makes it easier and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders.”
The collaboration expands Flutterwave’s cross-border payments infrastructure and strengthens access to international remittance services in one of Africa’s largest payments markets.
The Securities and Exchange Commission (SEC) has unveiled plans to make sustainability reporting mandatory for large public interest entities from 2027 as Nigeria moves to align its corporate disclosure framework with global environmental, social and governance (ESG) reporting standards.
The phased implementation will begin with voluntary adoption by early adopters and large public interest entities before becoming mandatory in 2027. The requirement will extend to other public interest entities in 2028 and small and medium-scale enterprises (SMEs) by 2030.
Dr Emomotimi Agama, Director-General of the SEC, disclosed this at the 2026 Financial Institutions Training Centre (FITC) Sustainability and ESG Conference 3.0 in Lagos, themed ‘Building a Sustainable Africa: Integrating Environmental Stewardship, Social Investment, and Strong Governance for a Prosperous Future’.
Agama said Nigeria’s sustainability disclosure regime is being aligned with the International Sustainability Standards Board (ISSB) framework, including IFRS S1 and IFRS S2, which have emerged as the global benchmark for sustainability reporting.
He said that institutional investors increasingly consider ESG performance a key determinant of capital allocation rather than a peripheral corporate responsibility issue, noting that the price of entry is disclosure.
He said the reforms would strengthen investor confidence and position Nigerian businesses to access global capital markets, where sustainability disclosures are becoming an essential investment requirement.
According to him, Nigeria’s capital market has recorded significant expansion, with market capitalisation growing from about N130 trillion to nearly N160 trillion following recent market reforms, while assets under management have surpassed N9 trillion.
To deepen sustainable finance, Agama said the commission was promoting infrastructure, green and municipal bonds, alongside infrastructure-focused investment funds, to mobilise long-term capital for critical national projects.
He added that the SEC would also encourage investments in the blue economy and support financing for the power sector through green energy bonds, project bonds and public-private investment structures.
The SEC chief cited the recent launch of the Nigerian Exchange (NGX) Impact Board as another milestone in advancing sustainable finance and urged companies, regulators and investors to move beyond commitments by embedding sustainability into governance, operations and investment decisions.
Managing Director and Chief Executive Officer of the Financial Institutions Training Centre (FITC), Dr Chizor Malize, said sustainability and ESG had evolved from compliance issues to core drivers of business competitiveness, investment decisions and economic development.
She said the conference, now in its third edition since 2024, had become a leading platform for advancing sustainability discourse in Africa, adding that this year’s gathering was designed to move stakeholders “from conversation to commitment”.
Chairman of the FITC Advisory Board, Prof Fabian Ajogwu, described governance as the foundation of sustainable development, arguing that Africa must become a standard-setter rather than merely adopting frameworks developed elsewhere.
Although Africa contributes less than four per cent of global greenhouse gas emissions, he said, the continent bears a disproportionate share of climate-related impacts, including worsening floods and increasingly erratic weather patterns.
Ajogwu also cited estimates that poor governance costs Africa between $88 billion and $90 billion annually, while highlighting technology-driven agricultural initiatives, including a partnership involving Morocco’s OCP Group and the Nigeria Sovereign Investment Authority (NSIA), as examples of practical models that should be replicated across the continent.
Delivering the keynote address, Chairman of the MTN Nigeria Foundation, Mosun Belo-Olusoga, said the debate over the relevance of sustainability and ESG had ended, with the real challenge now centred on implementation.
She observed that global investors increasingly evaluate businesses on governance quality, resilience and their ability to manage environmental and social risks, in addition to profitability.
Belo-Olusoga noted that despite contributing the least to global carbon emissions, Africa possesses vast arable land, abundant renewable energy resources and critical minerals required for the global energy transition.
She identified four leadership priorities for the continent: shifting from short-term performance to long-term value creation, replacing corporate philanthropy with strategic social investment, moving beyond regulatory compliance to responsible leadership, and strengthening collaboration among governments, businesses and development partners.
She also outlined five priorities for Africa’s ESG agenda over the next decade, including embedding sustainability into corporate strategy and governance, investing in human capital, mobilising indigenous capital through instruments such as green bonds and pension funds, strengthening institutional accountability, and fostering partnerships in renewable energy, digital technology and climate-smart agriculture.
“The defining challenge before Africa is not a shortage of vision; it is execution,” Belo-Olusoga said, urging governments to create enabling policies, businesses to integrate ESG into enterprise risk management, and financial institutions to develop innovative financing mechanisms that support a green and inclusive economy.
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