Nigeria: NITDA Seeks Funding for Tech Start-Ups

The National Information Technology Development Agency (NITDA), has called on financial institutions in the country to give loans to Small and Medium Enterprises especially the Financial Technology (FinTech) start-ups.

NITDA's Director General Mallam Kashifu Inuwa Abdullahi who disclosed this in a webinar organised by FinTech said increasing lending to the start-ups would promote financial inclusiveness in the country.

He stated that traditional banks' lending process has long been a barrier to assessing finance for SMEs in Nigeria, a development that was impacting negatively on their operations.

He urged the banks to come up with innovative ideas to assist vulnerable SMEs in the era of COVID-19 that is plaguing the world.

He said: "The COVID-19 pandemic has disproportionately impacted SMEs around the world, Nigeria inclusive. Traditional bank lending process has long been a barrier to accessing finance for SMEs in Nigeria."

He, however, claimed that government was providing different types of interventions and palliatives.

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