FirstBank Promises To Help Small Business Grow
First Bank Nigeria has said it will always assist small businesses in developing plans that will aid their growth for impactful contributions to the nation’s economy.
At an SMEConnect Business Clinic held last Thursday specifically to build SMEs’ capacity, the Group Head, Lagos Island 1, First Bank of Nigeria Limited, Olufunke Smith stated that the bank will provide an opportunity for SMEs to understand how to develop their business plans, and run their business.
Assisting the informal sector which is seen as a nation’s engine room, has been one of the bank’s focus and the Business Clinic is one of the seven pillars that would connect SMEs to- capacity building, market, infrastructure, talent for business development, policy and regulation, finance and resources.
“Building the capacities of SMEs is an ongoing process. SMEs are the engine of growth of any society. At FirstBank it is our responsibility to bring them on-board through support, knowledge sharing, and advisory in order for them to add value to the society. The SMEs attending the clinics today have gone through a selection process and it is the first of 2020, there will be more clinics to be held in the course of the year’, Smith noted.
“SMEs are the bedrock of economic growth of any society. It is when you have functional SMEs that the country can grow. It is noteworthy to mention here that SMEs are great employers of labour. When you have viable SMEs they provide various services and innovations that traditional corporations may not provide. These strongly underscore our commitment – at FirstBank – to strengthening their impact on the economy.
The Clinic is part of the bank’s idea of giving back to the society, and also to serve SMEs adequately to be able to deliver in the bank’s efforts to offer more than traditional banking services.
“We know that connecting SMEs to the right information and business tools can save turnaround time, cost and give them a competitive edge in the sector that they operate. It is on this knowledge that we have created value propositions for SMEs that cover financial and non-financial services.”
At such Business Clinic, First Bank exposes SMEs to the best deals and provide them with access to tools that will position them for an advantage for growth.
In his remarks, the Managing Partner, Traction, Dolapo Adejuyigbe, said “we have a coaching marketplace that SMEs can come on our platform and even firstbank platform to book vetted coaches that can provide advisory services to them either for one session or a number of sessions. We also consider re-emerging how our business clinics can work and how to bring insights and make it practical.
The FirstBank business diagnostic tool enables SMEs identify the needs, especially operational, of their business and the business clinic is designed in such a way the bank can follow up on the impacts and also track the business after three to six months. The focus of the business clinic is to help SMEs design the strategy for 2020 and assist them to understand the economic trends
In his remarks, a speaker at the event, Gospel Obele, said the clinic provided an opportunity to develop a business and market outlook for SMEs, stating that the goal was to scale economic knowledge into useable insights for SMEs.
Commending FirstBank on the SME Clinic, Obele noted that the event exposed SMEs to lots of opportunities for their business growth like how the Nigerian business environment is going to look like through the year as well as the transition dynamics of the consumer.”
He said: “Examining strategy from the outlook that was presented today, it is more of how SMEs rework their internal systems to respond to the changing environment that we have. Nigeria is a high fluid and dynamic economy which means that our own business environment is changing faster than advanced economies”
One of the participants at the clinic, Tayo Oginni, President/CEO, International Energy Market Place Ltd., said attending the seminar provided background knowledge on how to develop a road map for setting up a business in a structured manner.
He asserted that the business clinic taught SMEs the things to be aware of when starting a business, “the facilitator created an atmosphere of things that need to be done. I will strongly recommend that SMEs need this kind of intervention.”
Ogini also lauded FirstBank and Traction for organising the clinic, noting that one of the key areas discussed at the clinic was financing where SMEs were taught that cash flow is key in business, therefore they have to watch their cash flow.
