Small
and Medium Scale Enterprises (SMEs) are considered pivotal to national
development, However, to what extent do they play this role in ensuring
the sustainable economic growth of the nation, especially at a time
when the Nigerian government is looking to diversify its income stream.
Presently, there are many SME entrepreneurs with a myriad of
unaccomplished aspirations and deflated business goals.
First
Bank of Nigeria Limited, Nigeria’s most valuable bank brand has over
the years demonstrated an unwavering commitment to the business success
of SMEs in Nigeria. The Bank has a cocktail of products and bespoke
solutions, specifically designed to help grow and sustain SMEs; enable
them play out their business scripts as well as fulfill their goals and
aspirations. In addition, the Bank offers advisory services that are
tailored to meet the needs and aspirations of their SME customers.
FirstBank
is enthusiastic about the SME segment as one of the strategic platforms
to stimulate economic development. Some of the Bank’s SME products
include: Contract and Invoice Discounting Finance – This enables the SME
seamlessly fund bigger contracts. The product is designed to finance
contractors who need immediate funding for working capital requirements
while awaiting payment for goods/services supplied or contracts executed
for reputable companies.
The
Import and Export Finance is another product that helps the customer
finance imports and exports as well as track all transactions. The
Import Finance Facility would provide a structured and controllable
mechanism through which the Bank may provide finance to trading
companies to support the importation of goods. FirstBank also uses the
Payments and Collections Solutions to facilitate effective money
collection from distributors and customers of SMEs.
With these
solutions, 3rd party payments can now be made with ease. The Key
Distributorship Finance is another vital product designed to ensure SMEs
never run out of stock as well as the timely execution of all customer
orders.
With
a bouquet of bespoke products and services, FirstBank is set to place
SMEs ahead of their competition through collaborations with the business
owners to provide flexible and dependable services, helping each SME
fulfill life time dreams for their businesses.
According
to the FirstBank’s spokesperson, Folake Ani-Mumuney, the Bank is
committed to supporting its customers with customised products and
services designed to ensure a continuous success story for every SME.
For more information on the Bank’s SME support programme, visit
www.firstbanknigeria.com/sme or the SME desk at FirstBank branches.
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