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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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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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