Union Bank reiterates support for SMEs

One of the leading financial institutions, Union Bank of Nigeria, has reiterated its support for Small and Medium-sized Enterprises in the country to drive increased growth and development. This commitment was made during the recently held ‘Top 100 Fastest Growing SMEs in Nigeria’ conference hosted by Business Day newspaper.

The event themed ‘How SMEs can thrive in an age of volatility’ was well attended by various stakeholders in the SME sector, including entrepreneurs, industry experts, start-ups, and financiers.

The event had different panel sessions to discuss the multiple problems facing SMEs in Nigeria.

Speaking on the funding for SMEs panel, Ayokunnumi Abraham, Head, Small and Medium-sized Enterprises (SME) Products & Segments Union Bank, said SMEs need to pay attention to capacity building and keeping proper financial records.

According to him, “SMEs must focus on building capacity and developing the necessary skills to increase their expertise if they hope to succeed in this volatile age. SMEs also need to embrace technology and digital tools as an enabler for business growth while ensuring their books and records are organised if they hope to attract funding from the right financial partner.”

Business Day newspaper presented Union Bank with ‘The SME Financier of the Year’ award in Nigeria at the awards ceremony held that same evening in recognition of the bank’s efforts to support and promote the growth of the SME sector in the country.