FirstBank expands SME lending
First Bank of Nigeria Limited has distributed more than 200 billion naira to micro, small and medium enterprises during the past year, addressing what the lender identifies as the sector’s primary obstacle of insufficient capital access. Abiodun Famuyiwa, who heads SME Banking at FirstBank, disclosed that approximately 100 billion naira supported businesses operating in various markets, while petty traders received around 70 billion naira, with most financing provided without collateral requirements.
The bank assesses risk profiles and business capacity before extending credit to prevent over-leveraging borrowers, according to Famuyiwa, who spoke at the Small and Medium Enterprises Development Agency of Nigeria national conference in Lagos. FirstBank supplements financial support with webinars, seminars and its SME Connect platform, which facilitates networking and mentorship opportunities for entrepreneurs.
The conference, centered on innovation and resilience themes, featured policy discussions regarding the expired National MSME Policy and included an exhibition showcasing Nigerian small businesses across food, fashion, manufacturing, technology and entertainment sectors.
