Nigeria’s Small and Medium Enterprises (SMEs) must be committed to transparency, proper record keeping, and disciplined financial behaviour to aid their access to credit in a rather tightened liquidity environment, according to Olusegun Sonowo, a Lagos-based senior banking executive.
“For small and medium-sized enterprises (SMEs), one of the biggest barriers to accessing credit is poor record-keeping. Many businesses only start fixing their books when they’re ready to seek a loan, but banks look at history, not just current statements,” Somo
