In further demonstration of its commitment and support for Micro, Small and Medium Scale Enterprises (MSMEs) in Nigeria by providing financial and non-financial intervention, Diamond Bank, a leading player in the Nigerian Retail Banking space, has hosted the 41st edition of the BusinessXpress seminar, tagged: Build Up and Breakthrough.
The seminar, which held recently in Lagos, is aimed at educating MSMEs on how to build capacity in the area of Financial Management. The topics discussed included: Build Up to Breakthrough, Introduction to Cash Flow and Diamond Bank Offerings for MSMEs.
Addressing the participants at the seminar, Mr. Uzoma Dozie, Executive Director, Retail Banking, Diamond Bank PLC, stressed the need for entrepreneurs to have well-articulated visions for their businesses.
According to him, “Entrepreneurs need to have a well-articulated vision, which involves understanding the perspective of their customers and staff, because a business grows as her customers grow and capacity building is what will help MSMEs to sustain the growth of their businesses.”
“Reduction of physical cash flow in MSMEs, by making use of electronic banking channels, which helps to monitor expenses and inculcate financial discipline, is fundamental to the ultimate success of a business”, Dozie added.
Mr. Jude Anele, Head of Retail Banking, spoke on the contribution of MSMEs to the growth of the economy, disclosing that the bank is not just providing loans, but also building the capacities of MSMEs, while insisting that the success of MSMEs is crucial to Diamond Bank and the economy at large.
On the bank’s determination to continue with the seminars, Mr. Chima Nnadozie, Head, Micro, Small and Medium Enterprises Segment, revealed that Diamond Bank has been supporting MSMEs with loans without collateral since 2009, offering a total range of solutions that MSMEs need, and has been encouraged to continue the seminars because the feedback from participants has been very positive.
Successful entrepreneurs who shared their stories at the event included the Executive Director of Mopeth Group of Companies, Mrs. Odunola Oyegade, and the CEO of Avis Nigeria, Mr. Kolawole Ogunbanjo. They each stressed the importance of reading to entrepreneurs.
Mr. Ogunbanjo added that Nigerian MSMEs should leverage on global networking through franchise, and should also have alternative plans for the business, while benchmarking their companies against other companies.
Mr. Olugbolahan Mark-George, Executive Partner of Mark-George Consultants, introduced the participants to the issue of Cash Flow.
One of the regular participants, Mr. Dayo Adeoye of Epitome Foods Ltd, who was attending the seminar for the third time, stated that Diamond Bank has shown great support for MSMEs through the seminars.
Mr. Adeoye noted that hearing people share their experiences makes him certain of the future of his business, adding that he has gained more insight into ways of properly managing his business. He said, “The seminar has impacted positively on my business, which has expanded significantly.”
