MSMEs still struggle with funding despite new reforms
Micro, Small, and Medium Enterprises (MSMEs) in Nigeria are facing ongoing challenges in accessing finance, according to Alternative Bank. The bank highlighted that structural barriers such as cash-based transactions and weak credit histories continue to hinder growth, despite economic reforms. Garba Mohammed emphasized the need for practical interventions and better integration of MSMEs into digital financial systems. The bank recently provided free Point-of-Sale terminals to over 300 MSMEs to help address these issues.
TLDR
- Alternative Bank noted that MSMEs face significant financing constraints due to structural barriers.
- The bank participated in the 47th Kaduna International Trade Fair and provided over 300 free POS terminals to MSMEs.
- Garba Mohammed stated that reforms alone are not enough without integrating businesses into structured financial systems.
- MSMEs make up more than 96% of Nigerian businesses and employ over 80% of the workforce, yet access to finance and digital infrastructure remains a major issue.
- The free POS terminal initiative will continue beyond the trade fair, with eligible MSMEs able to access the service at the bank’s branches nationwide.
