Business
SMEs Can Leverage Technology To Thrive – Experts
Experts in the business sector have reiterated the need for Small and Medium Scale Enterprise (SMEs) to digitise their structures to explore available loan facilities by different banks.
The SMEs, who currently experience the challenge of access to finance, were urged to simplify their process in data gathering and information analysis to get captured.
The experts who gathered at a virtual event, Monday, organised by Sparkle Microfinance Bank, said small businesses do not usually have the capacity and expertise to create and maintain proper documentations and financial records at the level and in a manner that would show transparency and efficiency for financiers to extend credits to them.
Chief Executive Officer, Flour Mills Nigeria, Boye Olusanya, said: “I think that the major challenge for SMEs is book-keeping and financial records. If this is resolved, I believe that financiers would be able to step forward and support SMEs.”
Olusanya said financial literacy is a priority, adding that most SMEs want to build trust and need to experience the value that the Fintechs and other players in the financial ecosystem will bring to the table.
Chief Executive Officer, MTN Nigeria, Karl Toriola, said there is abundant data between telecommunication and banks for SMEs but what is needed is collaboration.
Deputy Director, Enterprise Development Centre, Pan-Atlantic University, Nneka Okekearu, said all SMEs should understand their business very well and realise that activity and profitability are two different things.
Okekearu said there is a need for the banking sector to create more innovations for entrepreneurs in access to financial literacy and access to market.
Senior Vice President, CEMEA, Visa, Otto Williams, said SMEs need to digitise its process for access for financiers to locate them. “Our approach is creating efficiency, capital to SMEs; promoting inclusive economic growth by providing global access to commerce.”
Chief Sparkler, Sparkle, Uzoma Dozie, said there are a lot of credit facilities for SMEs but data is the challenge, as well as structure.
“We need to start using different data in engaging with SMEs. We need to look at other ways to access loans. For small businesses, everything starts online. If you are not digital, it would be difficult to operate in the present atmosphere. Small businesses must adopt digital payment with human intervention.” Dozie said.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
