Experts in the business sec tor 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.
At a virtual event in Monday,  organised by Sparkle Microfinance Bank, the experts 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 stated that 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, in his part, said there is abundant data between telecommunication and banks for SMEs but what is needed is collaboration.
Also speaking, the 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.
According to Okekearu, 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, further stated that 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”, he said.