22 January 2013

Nigeria: Mainstreet Bank Pledges Support for SMEs

In its effort to take its services to the grassroots, the management of Mainstreet Bank Limited has expressed its determination to support the small and medium scale business sector of the economy.

Managing director of the bank, Faith Tuedor-Matthews, said the bank was committed to take its services to the SMEs, saying the sector had the potential to create jobs for the people.

Commenting on the bank's plan for the small scale businesses this year, Tuedor-Matthews said: "Commercial banking is obviously a huge part of our business and we do have a strong focus on that, but SME's are huge too."

"We understand the need to support the SMEs because the business is profitable and has a great potential to create jobs. However, the challenge is to help them organise their business in such a way as to make them bankable. Most of these SMEs do not have financial statements and cannot manage their cash flows. We have developed product programs that have addressed the peculiar nature of this sector and this will make credit access easier and safer.

"Most of our branches are in locations where these small businesses are based so it is natural for us to continue to develop SMEs. We are also looking into how to help and support women who don't have access to credit," she added.

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