Moruf Oseni, the Managing Director/CEO of Wema Bank, has called for the adoption of innovative financing models to tackle the pressing issue of limited access to capital faced by Micro, Small, and Medium Enterprises (MSMEs), particularly impacting women entrepreneurs in Nigeria.
Speaking at the bank’s Donor Roundtable event in Lagos, themed “Innovative Financing: Gender-lens and climate resilient solution,” Oseni highlighted the critical role MSMEs play as the largest employers of labor in the country. Despite their significance, these enterprises encounter hurdles such as access to capital, managerial skills development, market access, logistical challenges, economic slowdown, and heightened inflation, hindering their growth prospects.
Oseni emphasized that these challenges are further compounded by the impacts of climate change, prompting the need for tailored and inventive financing models to bridge the funding disparities. He stressed that such funding options should offer flexibility and easy access to meet the unique requirements of Small and Medium Enterprises (SMEs).
“The world we face is a transformed one. The COVID-19 pandemic disrupted the global economy and supply chain, impacting millions. Global growth has been consistently below double digits in recent years,” Oseni noted.
Dr. AMA Onyerinma, Co-founder of Africa Sustainable Trade, echoed the sentiments, emphasizing the imperative of addressing gender inequality issues in entrepreneurship. She pointed out the specific challenges women face in the entrepreneurial landscape, urging concerted efforts to overcome these obstacles.
As the MSME sector remains pivotal to employment and economic growth, the call for innovative financing solutions underscores the importance of fostering resilience and inclusivity in the business ecosystem. The push for tailored financial models aligns with the evolving dynamics of the global economy and the need for adaptive strategies to support the growth of small businesses, especially those led by women.
