How banks can drive Nigeria's growth

Nigeria, a country with a rapidly growing economy, is witnessing a surge in small businesses and startups across various sectors. However, these small businesses often face numerous challenges, including access to finance and lack of financial products tailored to their specific needs. In a recent interview with CNBC Africa, Peter Bamkole, the Director of the Enterprise Development Centre at the Pan-Atlantic University, emphasized the crucial role that banks can play in driving growth in Nigeria's real sector by collaborating with small businesses and developing specific products. Bamkole highlighted the need for banks to adopt a 'hand-holding' approach, providing support and building the capacity of small businesses to ensure their success. He emphasized the importance of understanding the unique challenges faced by small businesses and working together with them to create tailored financial products that meet their requirements. Bamkole also discussed the significance of leveraging technologies such as the Bank Verification Number (BVN) to manage credit ratings and improve access to finance for small businesses. Through collaboration and innovative product development, banks can empower small businesses to thrive and contribute significantly to Nigeria's economic growth.