The CEO Start Innovation Hub, Hanson Johnson, has urged the government to support financial technology innovations to provide solution to help more people access to finance.
He appealed to the government to empower FINTECH startups to reach the country’s unbanked and low-income population, and provide them an entry into the financial ecosystem.
SMEs comprise 99.6 per cent of all businesses in Nigeria and employ 75 per cent of the workforce.
Johnson said SMEs can be well funded to unlock opportunities for greater employment, rising incomes, innovation and value creation.
To make this work, he stressed the need for the government to work with the private sector to build a strong and reliable credit information system and promote financial inclusion.
As the government is pursuing various financial inclusion initiatives to assist small borrowers, Johnson maintained that lack of access to credit remains a big obstacle to SMEs development and sustainability.