We must bridge funding disparities for MSMEs – Wema Bank CEO

Wema Bank’s MD/CEO, Moruf Oseni, has called for an innovative financing model to address the challenge of access to capital facing the

Micro, Small and Medium Enterprises (MSMEs) and Women in Nigeria.

Oseni spoke at the bank’s Donor Roundtable, tagged: “Innovative Financing: Gender-lens and climate resilient solution,” held in Lagos.

He stated that MSMEs, despite being the largest employers of labour across the country, are still confronted with challenges of access to capital, development of critical managerial skills, access to markets, logistics challenges, a slowing economy, and heightened inflation which have stifled their growth with limited hope of survival.

He said their challenges were further complicated by climate change which has spurred significant shifts in human behaviour.

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He advocated for bespoke and innovative financing models that bridge funding disparities, adding that these funding options must offer flexibility and ease of access to the unique needs of Small and Medium Enterprise (SMEs).

He said: “The world we face is a transformed one. The COVID-19 pandemic shut millions of people inside their homes and completely disrupted the global economy and the supply chain that underpins it. Global growth has been firmly below double digits for the last few years.”

Co-founder of Africa Sustainable Trade, Dr AMA Onyerinma, stressed the need to tackle the issues of gender inequality, noting that there is a challenge for women in entrepreneurship.