Experts in the Fintech industry have said that adoption of Financial Technology (Fintech) will impact positively to the growth of Small and Medium Enterprises (SMEs)
Experts who spoke in Lagos at Nigeria SMEs Confab 2024 organized by SUPERNEWS said that most SMEs financed their growth aspiration and plans with internally generated funds and whatever they can raised from friends and family members.
They said that adopting Fintech will help to drive the SMEs business
Speaking on the theme, “Bringing SMEs into the financial services network via fintech’, Chief Executive Officer, B. Adedipe Associates Limited, Dr. Biodun Adedipe, noted that MSMEs are pivotal to sustainable and inclusive economies, not only through job creation but also innovation sparks.
He said, “As Nigeria continues to embrace digital transformation and foster innovation in the financial sector, the role of fintech in empowering SMEs will only grow in significance.
“With a young and dynamic entrepreneurial ecosystem, the demand for fintech solutions tailored for SMEs is expected to soar, driving further innovation and competition in the market.”
He mentioned limited access to finance and poor financial management competence as two key major challenges of SMEs.
Also speaking at the event, the Director General / Chief Executive Officer , Small and Medium Enterprises Development Agency of Nigeria SMEDAN , Mr Charles Odii stated that Fintech is one of the fastest-growing areas for venture capitalists that can benefit SMEs.
Represented by Zonal Coordinator, South-West of SMEDAN, Mr Olukayode Shode, the DG noted that bringing SMEs into the Financial Services Network via Fintech will enhance efficiency, accessibility and security with innovative solutions.
Earlier in her welcome address, Publisher, SUPERNEWS Nigeria, Ngozi Onyeakusi, said the choice of the theme was borne out of the quest to improve the business climate for SMEs in Nigeria by leveraging on technology in terms of accessing financial services.
She said, “It’s unfortunate that SMEs that form the bedrock of every economy are plagued by a lot of challenges, especially inadequate access to finance.
