STAKEHOLDERS URGE BANKS TO EXPAND FINANCIAL INCLUSION, BOOST MSME LENDING

Stakeholders have called on Nigerian banks to strengthen financial inclusion and increase financing for micro, small, and medium-sized enterprises (MSMEs) to support economic growth and job creation.

They said improved access to financial services and affordable credit is essential for helping small businesses expand operations, create employment, and contribute more significantly to the country's economy.

According to industry experts, many MSMEs still face challenges in accessing loans due to high borrowing costs, stringent lending requirements, and limited financial literacy. They urged banks to develop more inclusive financial products tailored to the needs of small businesses and underserved communities.

The stakeholders also emphasized the importance of leveraging digital banking solutions to extend financial services to more Nigerians, particularly those in rural and informal sectors.

They noted that deeper collaboration between financial institutions, regulators, and development partners would help bridge financing gaps and promote entrepreneurship.

Experts believe that expanding financial inclusion and increasing credit to MSMEs will strengthen economic resilience, stimulate innovation, and support sustainable growth across Nigeria’s productive sectors.