Bank, IFC Partner On SMEs Funding

Skye Bank Plc has an
nounced its strategy to partner with the International Finance Corporation (IFC) to evolve an effective framework for the smooth implementation of the micro, small and medium enterprises (MSMEs) in the country.
A statement from the bank on Monday in Lagos said the objective of the partnership was to produce a new lending framework for SMEs in the country, such that would de-emphasise rehability on collateral by focusing primarily on evaluating business viability.
The statement quoted the bank’s  Head of Retail Banking Group, Nkolika Okoli  stated that the bank’s new retail strategy had necessitated a shift from its previous product and led to a more segment-led approach.
The statement added that the bank, as a lender, had also concluded plans to stop charging commission on turnover (COT) on all retail current accounts, well ahead of the deadline given by the CBN.
The bank said its business focus would henceforth, concentrate more on its customers and less on products using unique value proposition built around the needs of each customer segment.
The bank reiterated its commitment to continue its in-house SME Loans for small and medium business owners, stressing that it is also one of the SME-friendly banks appointed by both the Central Bank of Nigeria (CBN) and the Bank of Industry (BOI) to disburse the FGN/MSME Support funds.
The bank added that it had started a training programme for small and medium-scale business owners as part of its support of promoting the sustainability of the small and medium-scale business owners in the country.
The training programme according to the bank was aimed at ensuring that the small and medium scale business owners overcome some of the challenges they face in the course of their business transaction.
The statement stressed that SME owners are trained on how to access the government’s MSME intervention funds, the use of technology to drive business and operational efficiency, cashflow management and business networking.