Over a hundred years since banks came into Nigeria, services
rendered to small and medium scale businesses were limited to core banking
services and transactions. However, those that cared to look further were able
to stand the test of time, reinventing themselves with cutting edge financial
services that remain key to sustaining its relevance to not just its host
communities but the global community.
Based on findings from extensive engagements with customers,
internal and external surveys and reports by SMEDAN, Efina and NBS, First Bank
of Nigeria Limited has been deliberate in ensuring that SMEs thrive and grow
their businesses as SMEs can access and enjoy the convenience of its
industry-leading financial services. FirstBank thus launched the SMEConnect
portal to congregate value-adding propositions & services for SMEs on a
single platform for easy access.
The value propositions and services on the SMEConnect portal educate
and equip SMEs to combat challenges like poor business structure, lack of
infrastructure, low market penetration, limited access to information and
professional services, inconsistent government policies and others that might
stifle their growth.
For example, lack of capacity is one of the most indicted
reasons for business failure or stunted growth in business. The SMEconnect
portal connects business owners to resources and information to educate them on
structuring and better managing their businesses. The platform houses webinars
on various important topics to help educate SMEs and build the required
capacity.
The blog section of the portal has interesting and informative
content like:
Tips for Building and maintaining good customer relationships; Remaining
in business after Covid-19; How
to scale up; How
to successfully separate a financial business account from a personal business
account; as well as Creating a Micropension scheme for MSMEs etc.
FirstBank also runs varying degrees of entrepreneurship programs
and activities through pieces of training, workshops, seminars, business
clinics and webinars, and the events are displayed on the portal for business
owners to access.
It is known that over 60% of businesses fail in their first
year, not only because of capacity constraints, access to finance is another
reason they fail. The SMEConnect portal connects businesses to resources and
finances by providing information on the various finance options available to
registered users. There is a section of the portal that breaks down the steps
to accessing finance for businesses, to simple actions such as opening either
savings or domiciliary accounts After all, what would be the essence of all the
education and capacity building if the business owner is still unable to access
finances and other resources. SMEs that have an account with FirstBank can
access direct and indirect funding throughout the business life cycle via
grants, debt/loans, and equity.
In addition to other benefits, the platform connects SMEs to
Market, Resources, Infrastructure, Talent for business development, Policy and Advocacy,
giving them all they need to move to the next stage of their business growth.
The portal also integrates SMEs into large distribution networks by connecting
them to customers, distributor channels, suppliers, and large corporates.
There are also productivity tools such as the Business
Diagnostic tool that helps check the health of a business as well a pool of
professionals like accountants, lawyers, digital marketers, consultants and
business coaches, which SMEs can tap into. Some of these value-adding solutions
are free, and for the few that are not, they come at substantially discounted
rates. As the premier Bank in West Africa, First Bank has exceeded the
expectation of what its services to individuals and businesses ought to be. The
SMEConnect portal is one of First Bank’s initiatives to promote the
sustainability of SMEs by exposing them to the knowledge and resources they
need to grow their business.
One of the most exciting features businesses get on the
SMEConnect portal is the Business Diagnostic Tool earlier mentioned, it is a
15-minute survey where SMEs are asked questions about their business and at the
end, get a customised report for their business. This is ordinarily, a service
that business owners pay consultants to get, but First Bank has made it
available for free even to businesses that do not have an account with them.
There are special offers for SMEs that are registered and have
an account with First Bank, and an opportunity to be listed on the portal. You
can find businesses listed across different industries like education/training,
manufacturing, trade, agriculture, hospitality, transportation/logistics,
telecommunications, ICT, healthcare and fitness, sports, FMCG, financial
services, media/entertainment, food, real estate, engineering/construction, oil
& gas, fashion/beauty, and services.
These registered businesses get to showcase their
products/services for free, interact with customers and other SMEs, have an
opportunity to attend free monthly capacity building workshops, seminars and
webinars; and get exclusive discounts on business development resources such as
booking a business coach.
As more businesses sign up and use the SMEConnect portal, it is
possible to see a future where Nigerian businesses break even, thrive, and grow
amidst challenges.
Culled from Nairametrics
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