• Sunday, March 03, 2024
businessday logo

BusinessDay

Oseni seeks bridging of MSMEs’ funding gap, managerial skills

Oseni seeks bridging of MSMEs’ funding gap, managerial skills

Moruf Oseni, managing director/CEO, Wema Bank plc, has harped on the need to provide a platform that addresses issues limiting Micro, Small and Medium Enterprises (MSMEs) and women in Nigeria.

Oseni spoke at the Bank’s Donor Roundtable, tagged: “Innovative financing: Gender-lens and climate resilient solution, held in Lagos, where he also advocated tackling the challenge of climate change.

Read also: Providus Bank, Mastercard’s pioneering card to drive financial inclusion for MSMEs

Oseni said that MSMEs in spite being the largest employers of labour, have continued to face the problem of access to capital and market, development of critical managerial skills, logistics challenges, a slowing economy, and rising inflation.

The Wema Bank boss bemoaned the complication of climate change, saying it spurred significant shifts in human behavior, while adding further strain to societal dynamics.

For him, to address these problems, there is a need to create bespoke and innovative financing models that bridge funding disparities.
Oseni stressed the need to ensure that these funding options offer flexibility and ease of access to the unique needs of Small and Medium Enterprise (SMEs).

“The world we face is a transformed one. The COVID-19 pandemic shut millions of people inside their homes and completely disrupted the global economy and the supply chain that underpins it. Global growth has been firmly below double digits for the last few years.

“Climate change have also unleashed a flood of migrants from the developing world into more developed countries. Pockets of conflict on the global stage have further exacerbated the growth problems we were already experiencing.
“The burden of this transformed world disproportionately falls on the youth and women in particular who face higher unemployment rates across every strata of society.

“We must ensure that funding options offer flexibility and ease of access to the unique needs of SMEs.”

Also speaking, Ama Onyerinma, co-founder, Africa Sustainable Trade, stressed the need to tackle the issues of gender inequality, noting that there is a challenge for women in entrepreneur.

Read also: FG partners Wema Bank on training of 2m youths, MSMEs on digital skills

Over the years, Wema Bank has sustained a reputable history of empowering and supporting its customers financially, digitally, and in every other significant way. In 2023, the bank disbursed over N28 billion in loans to businesses across Nigeria.