Unlocking Financial Inclusion in Nigeria: The Role of SMEs
Micro, Small and Medium Enterprises (MSMEs) are emerging as a pivotal force in driving financial inclusion in Nigeria. Financial inclusion is increasingly recognized as a catalyst for entrepreneurial growth and enterprise inclusiveness.
A study conducted in Southwest Nigeria has shed light on the significant impact of financial inclusion on the performance of MSMEs. The study found a positive correlation between financial inclusion and the profitability and sales growth of MSMEs. However, MSMEs face a significant hurdle in accessing formal financial services, primarily due to the lack of required collateral to secure loans.
Recognizing this challenge, the Central Bank of Nigeria and National Financial Inclusion Governance Committees have taken proactive steps. They have launched new policy documents aimed at accelerating financial inclusion across the country. This initiative has already yielded positive results, with the financial exclusion rate dropping from 53.0% in 2008 to 46.3% in 2010.
The bank has set ambitious targets for the future, aiming to further reduce the exclusion rate to 20% by 2020. The targets include increasing adult Nigerians’ access to a range of financial services, including payment services, savings, credit, insurance, and pensions.
In conclusion, MSMEs are indeed a key to unlocking financial inclusion in Nigeria. While challenges remain, concerted efforts are underway to ensure these enterprises have access to the formal financial services they need to thrive.
If the bank collapses and we get our money back
The recent collapse of Silicon Valley Bank and Signature Bank has raised concerns about the safety of bank deposits and the role of the Federal Deposit Insurance Corporation (FDIC) in protecting them. The FDIC is a government agency that insures deposits in most U.S. banks and thrifts up to $250,000
Top 10 stocks with higher growth in the first half of 2023
In 2023, a new year unfolds, and the initial months have witnessed robust performance across the global stock market. Let's delve into the standout stocks that have exhibited notable strength in the first half of the year.1. Palo Alto Networks (PANW): This company is a cybersecurity firm that pr
Embracing Disruption: A Catalyst for Positive Change
In the world of business and technology, the term ‘disruption’ often carries negative connotations. It is associated with uncertainty, upheaval, and the displacement of established systems or practices. However, viewing disruption solely as a destructive force overlooks its potential to a
Charting the Course: The Journey Towards Sustainable Aviation
In the face of growing environmental concerns, the aviation industry is embarking on a transformative journey towards sustainability. Recognizing the urgency to mitigate its environmental footprint, the sector is making strides in the realm of decarbonization and sustainability.Aeroporti di Ro