Start-ups

Banks Hold Workshops on New SMEs Funding Initiative

Banks Hold Workshops on New SMEs Funding Initiative

Inside, Money & Market, News, Start-ups
The Bankers’ Committee, an umbrella body of senior officials of Central Bank of Nigeria (CBN) and chief executive officers of banks in Nigeria, is set to hold enlightenment workshops on its new funding initiative for Small and Medium Enterprises (SMEs) in Lagos, Kano and Aba. Recall that the Bankers’ Committee recently introduced ‘Funding Nigeria SMEs initiative’, a new initiative to enable SMEs in Nigeria to access loans to grow their businesses. The initiative is in line with the Federal Government’s commitment to grow the SME sub-sector. In a statement, Mr. Bonaventure Okaimo of Unity Bank, one of the participating banks, said: “To create the necessary awareness, we are organizing a one day public enlightenment workshop across three states of the federation on how SMEs can access
MTN, Microsoft Collaborate to Support SMEs

MTN, Microsoft Collaborate to Support SMEs

Business, Inside, News, Start-ups
MTN Nigeria and Microsoft Nigeria have signed a Memorandum of Understanding (MoU) to collaborate on the creation of sustainable and scalable initiatives aimed at driving growth for operators of small and medium scale enterprises (SMEs) in the country. The partnership, will leverage Microsoft’s technologies and MTN’s expertise to create strong value propositions for the SMEs segment. These propositions will speak to the needs of SMEs around capability development, access to markets and business networks across Africa; and address some of their challenges through the creation of innovative solutions. The MoU signing ceremony which took place recently in Lagos, had top executives from both Microsoft and MTN in attendance. The General Manager, Enterprise Marketing, MTN, Onyinye I
BoI to Give MSMEs N250bn at Single Digit Interest

BoI to Give MSMEs N250bn at Single Digit Interest

Inside, Money & Market, News, Start-ups
The Managing Director, Bank of Industry, Mr Olukayode Pitan, has said the $750m (N250bn) syndicated loan facility, which it received from the African Export-Import Bank last week, will be disbursed to Micro, Small and Medium Enterprises at single digit interest rate. Pitan stated this in an interview with our correspondent on the sidelines of the AFREXIM Bank Annual Meetings held in Abuja. He said the loan, to be given to entrepreneurs in Nigeria for a period of between five and seven years, would enable the bank to bridge the funding gap for MSMEs, which he estimated at about N700bn. Pitan explained that the N250bn was the single largest syndicated facility to be received by a development finance institution in Nigeria, adding that a total of 16 banks financed the deal. Some...
Bankers’ Committee Launches SME Funding Initiative

Bankers’ Committee Launches SME Funding Initiative

Inside, Money & Market, News, Start-ups
The Bankers’ Committee of the Central Bank of Nigeria has introduced a new initiative to enable Small and Medium-scale Enterprises to access loans, funds and grants to grow their businesses. According to a statement, the Funding Nigeria Small and Medium-scale Enterprises initiative is in line with the Federal Government`s commitment to growing SMEs. The Group Head, Information Technology and Operations Directorate, Unity Bank Plc, Bonaventure Okhaimo, said, “To create the necessary awareness, we are organising a one-day public enlightenment workshop across three states of the federation on how SMEs can access funds, loans and grants available in the Funding Nigeria SMEs’ initiative. “The initiative, which is part of the government`s economic diversification effort towards increase
Heritage Bank to Boost SMEs’ Growth

Heritage Bank to Boost SMEs’ Growth

Inside, Money & Market, News, Start-ups
Heritage Bank Plc says it plans to boost the capacity of the Small Medium Enterprises through its annual entrepreneurial reality show, tagged ‘The Next Titan’. The Divisional Head, Corporate Communications, Heritage Bank, Fela Ibidapo, while speaking at a press conference in Lagos on Saturday, said the fifth season of the entrepreneurial show had kicked off, according to a statement on Sunday. Ibidapo assured the public that the bank would sustain its interest and sponsorship of the programme as its goal aligned with the corporate aspiration of the bank. “The management of the bank believes that banking is not only about how much money that can be made from customers, but also about adding value to individuals, groups, community and state,” he added. According to him, entrepren
VAIDS: NASME Holds Tax Compliance Clinic For MSMEs

VAIDS: NASME Holds Tax Compliance Clinic For MSMEs

Business, Capital Market, Inside, Start-ups
The Nigerian Association of Small and Medium Enterprises (NASME) has called on Micro, Small and Medium Enterprises (MSMEs) to take advantage of opportunities offered tax payers through the Voluntary Asset and Income Declaration Scheme (VAIDS) to regularize their tax status by June 30 2018 to avoid prosecution for tax offences. President and Chairman of Council of NASME, Mr. Degun Agboade, made the call during a tax compliance clinic/sensitization programme by the Association for MSMEs to understand the requirements and benefits of VAIDS. He said that Lagos and Edo States are the two focal states of the sensitization programme, adding that all hands must be on deck to meet up the deadline of the scheme. Speaking at the event, Executive Secretary, Joint Tax Board, Mr. Oseni Elamah, sai...
FG To Drive Youth Entrepreneurship With Technology

FG To Drive Youth Entrepreneurship With Technology

Business, Inside, Start-ups, Technology
The federal government has unveiled plans to drive youth entrepreneurship in the country through the use of technology.The Vice President, Prof. Yemi Osinbajo, disclosed this at the Student Innovation Challenge (SIC) South West regional demo day held at the University of Lagos. Osinbajo stated: “The best of technological companies started from the universities and this is why we have decided to build technology hubs in the six geopolitical zones, starting at the University of Lagos. “Everybody knows where the smart money is looking and we all know that the universities are the best place to get the very best talents because we believe it is what is needed to shape the future of the country.” The vice president added that government is partnering with the United Nations Development Progr
World MSMES Day: SEEDI Seeks Better Funding For Sector

World MSMES Day: SEEDI Seeks Better Funding For Sector

Enteprise, Inside, Start-ups
The Sustainable Entrepreneurship and Economic Development Initiative (SEEDI) at the commemoration of World Micro Small and Medium Enterprise Day (MSMEs) has called on the Federal Government and other stakeholders to address concerns confronting the sector. Some of the concerns the group raised confronting the sector include near absence of non-financial services for MSMEs, continued bottlenecks in accessing government sponsored financial interventions. Celestine Okeke, lead partner of SEEDI, said in a statement on Tuesday that the Federal Government must be determined to confront the problems impeding the sector, to improve the economy. In the statement, the lead partner said the Federal Government must ensure the MSMEs were allowed access to quality farm inputs and seed for smallhold
Building Business Hubs’ Capacities To Give Entrepreneurs Head Start

Building Business Hubs’ Capacities To Give Entrepreneurs Head Start

Business, Inside, Start-ups
Business hubs have mushroomed in the past five years partly because of governments’ measures to support small enterprises. They provide office space and facilities at a low rent, combined with networking opportunities and advice to new ventures through the tricky early stages. Some are privately run for a profit, some are managed by universities and others are run by local authorities, or charities. Founder NINe, Bankole Oloruntoba, said there are opportunities for business hubs with unemployed youths looking for avenues to polish their entrepreneurial skills, or learn more about marketing or business models. Oloruntoba is brimming with confidence having seen the organisation’s entrepreneurship programme aimed at creating new businesses yielding results. The organisation has compl
Vconnect Introduces Platform To Support SMEs

Vconnect Introduces Platform To Support SMEs

Business, Inside, News, Start-ups, Telecommunication
A service marketplace company, Vconnect has introduced an online platform, aimed at connecting small and medium scale businesses with customers as part of efforts to promote effective marketing. The platform, market.vconnect.com, is an online mall of customers, where qualified service professionals can find and connect with real customers at any given time. Specifically, with the use of Internet, businesses can now leverage the power of having an online presence by increasing sales, saving money on advert and getting more customers as compared to getting customers on an offline store. Speaking at a business summit to launch the platform in Lagos, Chief Executive Officer, Vconnect, Deepankar Rustagi, said the company is poised to solve the issue of finding a reliable service provider ...