Sterling Bank has announced that it would be partnering with the Small & Medium Enterprises Development Agency of Nigeria to create an all-encompassing database of Small and Medium Scale Enterprises in Nigeria.
The bank stated that the initiative would enhance intervention programmes and deliver customised solutions that effectively foster the growth of SMEs.
In a statement, it said that the signing ceremony took place in Lagos, where the Chief Executive Officer of Sterling Bank, Mr Abubakar Suleiman, expressed his optimism about the collaboration.
Suleiman emphasised that genuine collaborations, driven by opportunity rather than regulation, often yield positive outcomes.
He regarded the partnership as one of those promising ventures, highlighting that no external regulatory pressure compelled their cooperation.
He stressed the critical role of data in economic development, adding that the agreement marked the beginning of a journey towards a formalised economy, enabling the government to intervene effectively when necessary.
He highlighted the significance of providing capital to small and medium-sized enterprises based on their past data.
“To accomplish this, there is a need to create an environment that encourages SMEs to voluntarily disclose their information, even if it is solely for the purpose of qualifying for SMEDAN services,” he asserted.
Suleiman also noted that self-reporting was the initial step for small and medium businesses to become auditable institutions.
He added that Sterling Bank was committed to dedicating its resources to the success of the MoU and it would advocate for government support of SMEs.
Also speaking, the Director General of SMEDAN, Mr Olawale Fasanya, stressed the criticality of data to SMEs’ activities.
“Despite registering approximately 3.8 million SMEs through this initiative, the data still requires cleaning,” he continued.
Fasanya emphasised that the availability of accurate data would enable SMEDAN to connect SMEs operating within the same market.
On his part, Chief Product Officer at Sterling Bank, Mustapha Otaru, described the bank’s approach to managing SMEs as an ecosystem.
He acknowledged that progress was impossible without such partnerships.
Otaru said, “In addition to providing access to finance, Sterling Bank aims to nurture SMEs and support their growth from micro to corporate levels. The bank achieves this through innovative solutions such as its common facility for fashion entrepreneurs and special bundled offerings.”
