PROVIDUSUNITY BANK URGES SMES TO BUILD STRONGER BUSINESS SYSTEMS

 ProvidusUnity Bank has urged small and medium-sized enterprises to move from founder-dependent operations to structured systems that can support sustainable growth and expansion.

The bank made the call at the second edition of the Go Local Summit in Lagos, organised in partnership with BusinessDay Media and themed “From Market Power to Market Systems.”

Speaking at the event, ProvidusUnity Bank’s Head of Strategy, Ernest Elue, said SMEs needed proper systems, financial structures and corporate governance to remain viable as their businesses grow.

He noted that many businesses faced challenges because their financing arrangements did not match their long-term needs. According to him, companies often require long-term funding while relying on predominantly short-term financing, creating liquidity pressures.

Elue also said investment readiness and access to credit depended on businesses maintaining reliable financial records and having clear visibility of their cash flow.

He said strong internal systems, corporate governance and strategic planning could help businesses demonstrate their capacity to manage financing and scale operations.

The summit brought together manufacturers, corporate executives, policymakers and other stakeholders to discuss domestic production, competitiveness and the development of sustainable businesses.

ProvidusUnity Bank said its support for SMEs focuses on four areas: access to finance, capacity building, access to markets, and access to products and services.

The bank said its SME programme had supported the capacity development of more than 500 small businesses over the past six years.