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‘Why banks snub MSMEs on loans’

The Academic Director and Senior Fellow in Information Systems, Lagos Business School, LBS, Dr. Olayinka David-West, has said that lack of digital capacity, education and proper documentation are reasons why  MSMEs in Nigeria are not considered for credit facilities by banks, stressing that the financial services anywhere in the world are highly regulated and processed driven.

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Banking hall

Getting business loans from banks Wema Bank (2)

Last week we published the series on Wema Bank’s micro, small and medium enterprises, MSME, packages with particular reference to their product called ‘myBusiness Account’.We said then that the account is meant for sole entrepreneurs, micro enterprise business owners, small and medium scale businesses e.g., Private schools, Bakeries, Hospitals, Trading concerns, Commercial printers, Eateries, etc. And we also said that ‘myBusiness Account’ has three variants – Bronze, Silver and Gold.

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Banks restrict ATM cash withdrawal overseas

Nigerian banks have restricted cash withdrawals from overseas Automated Teller Machines (ATM) only to those whose cards are linked to their domiciliary accounts funded locally. The banks have therefore suspended such withdrawals and encouraging travellers to open and fund dollar accounts. According to the Nation, lenders are also raising their card spending limits on Point
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