Nigeria's Access Bank has restated its commitment towards the promotion of efficient, effective and sound financial industry that can provide a vast range of demand-driven financial services, which includes supporting the funding needs of the small and medium enterprises (SMEs) sector.
Herbert Wigwe, chief executive of Access Bank said this at the launch of finance and logistics worldwide scheme (FLOWS) in south eastern state of Anambra.
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| Wigwe, Access ceo |
He noted that SMEs are among the major drivers of economic development by virtue of their contribution to job and wealth creation; income generation as well as their strategic linkages with large businesses across economic clusters.
Wigwe, who was represented at the forum, by Arinze Osuachala, head of Subsidiaries, Access Bank, further said Nigeria's SME sector is a significant part of the economic activities, in spite of the numerous challenges faced by industry players, including limited access to funds from official sources.
As a result, as part of its contribution to the development of the SME sector, Access Bank has partnered with GMT Limited, a reputed integrated logistics service provider in Sub-Sahara Africa, to develop a plan called "finance and logistics worldwide scheme" (FLOWS), to support small and medium scale importers, traders and manufacturers.
Wigwe said, "We appreciate the fact that SMEs are the future and engine room of the economy, and as a Bank we are well positioned to providing the necessary support through deliberate focus and commitment of resources towards their growth. It is vital that this integral sector of the economy gets all the support it needs to drive growth and development. The future outlook for the sector is encouraging provided that the challenges are militated against and the present gaps are adequately covered."
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