Diamond Bank Plc has urged
entrepreneurs of Micro, Small and Medium Enterprises (MSMEs) to internalise the
values of financial discipline and strict corporate financial management in the
running of their companies. This is in order to sustain the rapid growth and
development of the sector.
The Bank stated this at the 58th
edition of the Diamond BusinessXpress Series held in Lagos, noting that the
only way MSMEs can scale the current economic headwinds and gain the confidence
and active support of the financial services sub-sector is to manage and grow
their finances by adhering strictly to high corporate standards.
Aisha Ahmad, Head, Retail
Directorate of the Bank, told MSME stakeholders at the event that financial
stability and sustainable growth for entrepreneurs in MSME in the country is
not achievable if standards of financial management are lowered. She pointed
out that most MSMEs are likely to have chronic financial problems when personal
financial discipline is relegated. .
“The BusinessXpress Seminar
is an initiative of Diamond Bank Plc which aims to cater for the business and
financial well-being of our customers and indeed, interested players in the
MSME sector of the economy. Sustainable growth and development of the sector largely
depends on financial discipline and proper business management practices. When
standards are not followed, problems are bound to come up and stifle the growth
of the business,” she said.
Drawing from their personal
experiences, resource persons took turns to shed light on the benefits of
adhering to financial management principles and maintaining high standard of
financial discipline.
The CEO of Slot Systems
Limited, Nnamdi Ezeigbo, stated that building trust with target customers and
business partners is a key factor in growing any business. According to him,
adapting to the changing business environment and ensuring that the taste and
demand of the customer is met, are very fundamental to sustainable business
growth.
He said: “One of the factors
that we took very seriously while growing the Slot brand was the adaptability
factor. For us, this simply means understanding our market, our operating environment
and what exactly the consumers want at any particular time. You need to
identify when consumers’ tastes change so as to address the attendant
challenges.”
Reiterating Ezeigbo, Ogechi
Chuma-Otteh, MD/CEO, One Centre Providence, stressed the importance of keeping
a good working relationship with banking officers to enable easy access to
useful information and financial products that will help to grow one’s
business.
“Diamond Bank is an SME
friendly bank. My banking officer is involved in my business and plays an
advisory role when it comes to managing my finances. So if your bank is not
doing anything to help grow your business, please I advise you, dump them.”
Adegboyega Adebajo, CEO,
West Atlantic Resources and Equity House (WARE House) Ltd, took participants
through Nigeria’s business environment identifying crude oil sales, power
sector reforms, stability of the new government and infrastructural development
among others as the key drivers of Nigeria’s Gross Domestic Product (GDP).
Other speakers at the event include
Alexander Ibekwe, SME Segment Manager, MTN and Olusegun Sosimi, Assistant
Director, Federal Inland Revenue Service (FIRS).
Diamond Bank has remained a
leader in promoting MSMEs as the engine of sustainable growth and development
in Nigeria’s economy. Among other awards, the bank was recognised as the Best
SME Friendly Bank in Nigeria in 2014 by the Nigeria-British Chamber of Commerce
and the Best SME Bank in West Africa by the Banker Africa Magazine.
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