BoI Partners Western Union, USAID, Others to Finance SMES

To foster the growth of small businesses in Africa, especially in Nigeria, the Bank of Industry (BoI), in partnership with Western Union, USAID, and the Department of State, will today, commence an exercise that seeks to expand opportunities for African SME businesses in the area of finance.

According to the bank, the exercise seeks to develop new approaches and tools that generate sustainable financial empowerment for small businesses through coordination and alignment across all sectors.

Managing Director, Bank of Industry, Ms. Evelyn Oputu, in a statement on the event said “BoI has been working with SMEs for over a decade now and has continually underscored their key role in not only driving growth, but job creation.

Specifically, over 100 African Small and Medium Size (SMEs) leaders are expected to present their innovative business plans to Nigerian and Pan-African leading banks at the second yearly SME live banking panel organized by the Bank of Industry and its partners from today, November 4-5, 2013 in Lagos, with the goal of expanding access to financing opportunities for African-based entrepreneurs.

As we co-host the second SME annual event, along with our partners, we want to again stress its uniqueness, and acknowledge the great banking partners who have recognized the role of SMEs in development, and are willing to help address the access to financing issues they face.”  

Regional Vice-President for Western Union, Aida Diarra said: “When our customers grow, the economies in which they live benefit. Western Union strives to equip our customers with the tools and resources that they need so they can achieve growth. The sacrifices that many of our customers make to startup a business can be lost without the tools to maximize their investments through remittances, Diaspora investors or institutional partners.”

The event is expected not to only have SME businesses representing nearly six key development sectors such as information and communications technology (ICT), agro-business, manufacturing, retail, renewable energy, and innovations in mobile platforms, but also place a strong emphasis on assisting and helping women-owned SMEs businesses.

According to the statement, workshops to help further develop SME capabilities will also be held concurrently with the live banking Panels.

“Developing new approaches and tools that generate sustainable financial empowerment requires coordination and alignment across all sectors,” said the US State Department , adding that, “A partnership of the Bank of Industry and the ADM links the private sector, government leaders and global community to collectively make a significant and positive impact.”