Eco bank and the First City Monument Bank, (FCMB) are both set to support the growth of the SMEs in Nigeria. This was disclosed by both banks at different fora in Lagos this week. Eco bank launched an initiative known as the 'SMEs Club', which is a platform established to provide funding and services to the SMEs across the country.
This initiative will also add value to the group through information sharing, networking and capacity building. The decision to take the initiative was taken after receiving the report of the comprehensive survey done by KPMG in conjunction with Enterprise Development Bank on SMEs, which revealed that Eco Bank currently provides financial support to 10% of the SMEs whereas only 18% of the SMEs have business relationship with the bank.
In the same vein, First City Merchant Bank and Shopping Internet Services organized a training for SMEs with the theme, 'FCMB Capacity Building Initiative: empowering the Nigerian SMEs'. Mr. Femi Bakre, the Executive Director, Lagos & South West disclosed that the Initiative is aimed at helping the SMEs with the skills to operate and grow. The bank will provide the SMEs with management, marketing and financial skills, intended to increase the capacities of the SMEs and equip them with the latest, innovative and competitive skills to achieve their organizational goals.
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