The Academic Director and Senior Fellow in Information Systems, Lagos Business School, LBS, Dr. Olayinka David-West, has said that lack of digital capacity, education and proper documentation are reasons why MSMEs in Nigeria are not considered for credit facilities by banks, stressing that the financial services anywhere in the world are highly regulated and processed driven.
David-West said this at the inaugural edition of Vanguard Economic Forum series on Micro Small and Medium Enterprises (MSMEs) in Lagos.
She lamented that most MSMEs are not aware of the importance of financial technology companies (Fintechs) for their inventory, improving their credit profile, sourcing of funds and credit scoring, saying with the penetration of technology, MSMEs should take advantage of such to improve their businesses and remain competitive.
David-West spoke on the topic, “The Role of Fintech in Integrating and Enhancing MSMEs Access to Finance”. She said: “When we talk about Fintech, it is really about the combination of financial services, technology and regulations.
Financial services are regulated industry; you cannot wake up and set up a bank and it is the responsibility of government to make financial market safe and sound. Read more<<<<<