Micro, Small and Medium Enterprises have the capacity to contribute meaningfully to the economic growth and development of Nigeria. There is a tremendous energy in our entrepreneurial force. A spirit which is present across Nigerians, irrespective of age, region, gender, religion etc. Despite their potential, these enterprises experience various challenges at different phases of growth.
MSMEs need low levels of capital, are highly labor intensive and have great employment potential. They encourage more equitable distribution of wealth and economic diversification. Keeping all this mind Diamond Bank has always been in favour of creating better policies and schemes for MSMEs.
To fit the need, Diamond Business Xpress Account (DBXA) has been designed to add some real value to MSMEs with smart banking. Diamond Bank realises the need for a flexible account that allows transactions at a minimal rate. That is why we devised a zero COT-based current account with modest fixed monthly fee. This gives the business cost savings on transactions that can be reinvested back into the business later on.
We also piloted an initiative with the International Finance Corporation (IFC), the private-sector arm of the World Bank, on Enterprise Governance training modules targeted at SMEs in the Africa region. This will be a great help for entrepreneurs to gain the skills needed to succeed in building sustainable businesses that create wealth and jobs.
The governance modules cover several topics such as managing relations, implementing enterprise governance, managing risk and planning for business continuity.
Diamond Bank offers access to short and medium term financing for working capital & asset purchase needs with reduced collateral requirements. Other than offering such loans for MSMEs Diamond bank has embraced the challenge of serving small and growing businesses by setting up a focused unit to drive MSME initiatives.
We have set up a MSME Propositions team at the Bank, which recognizes that finance is not the only a need for these small and growing businesses but require an overall grooming often. Which is why we have developed interventions that go beyond the traditional services offered.
What I mean to say is that, not all entrepreneurs are fully equipped with marketing, managerial and organisational skills to build their business. Therefore, our capacity building, access to markets and access to finance offerings are specifically designed to assist MSMEs and help them realize their true growth potential.
We recently concluded the 62nd BusinessXpress Seminar in order to train MSME stakeholders on how to efficiently and effectively manage human resources for optimum business outcome. We have invested hugely in the sector and the BusinessXpress Seminars are borne out of deep insights that reveal that small businesses need more than money to grow.