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Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, is taking strides to support SMEs in Nigeria by venturing into markets across different states in the country to introduce financial solutions that can transform their businesses.
In line with its commitment to drive the growth of small and medium-scale businesses nationwide, Stanbic IBTC Bank is partnering with various enterprises to foster growth and scalability. It provides tailor-made financial solutions, including flexible loans and specialized products, to fuel business expansion. Additionally, it offers a dynamic community of like-minded entrepreneurs for collaboration and networking, as well as business advisory services from renowned experts within the Enterprise Academy platform.
As the Nigerian market experiences rapid changes and various challenges, market traders are compelled to adapt and reposition themselves for success. To meet these demands, businesses must comply with regulatory documentation requirements and fulfill tax obligations. Stanbic IBTC recognizes the significance of compliance and acknowledges that having a Tax Identification Number (TIN) is essential for businesses to access loans. Consequently, Stanbic IBTC Bank will facilitate the generation of Joint Tax Board (JTB) Tax Identification Numbers (TINs) during these market initiatives.
Wole Adeniyi, Chief Executive of Stanbic IBTC Bank, expressed his delight about the market outreach, stating, “We are thrilled to visit indigenous markets in Nigeria ahead of our annual training program. The training has played a crucial role in improving the livelihoods of small business owners and enhancing their skills.”
He further highlighted, “We take pride in contributing to the development of small enterprises across Nigeria, accelerating their business growth, and creating a level playing field where women can thrive and make significant contributions through the Stanbic IBTC Blue Blossom Initiative.”
Adeniyi emphasized that the market outreach is part of the bank’s initiative to support the growth and success of SMEs, which account for 86.30% of the national workforce, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). SMEs also contribute an average of approximately 50% to Nigeria’s annual Gross Domestic Product (GDP).
The market initiatives will commence in Ibadan, Oyo state, and extend to four major states across the nation, including Rivers, Abuja, and Anambra. The markets to be covered include Agbeni market, Gbagi market, Oyigbo market, Mile Three market, Rumomasi market, Utako market, Kubwa market, Relief market, and Head Bridge market.
Stanbic IBTC remains committed to adding value and ensuring the growth of entrepreneurs and their businesses by providing quality advisory services. Over the years, it has empowered over 10,000 SMEs through quality business advisory and capacity-building programs, equipping them with the necessary knowledge and skills to foster business growth.
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