During a recent First Bank SMEConnet webinar, Tunde Meshioye, CEO of Mesh Consulting, urged Small and Medium Enterprises (SMEs) to approach First Bank Nigeria for financial solutions. He emphasized the bank’s robust funding capabilities, encouraging participants to explore this avenue.
Highlighting the importance of consistent patronage and effective marketing strategies for SME growth, Meshioye underscored the significance of avoiding unlicensed money lenders, commonly known as loan sharks.
Abiodun Famuyiwa, head of SMEs banking and money transfer at the bank, echoed these sentiments, cautioning against the detrimental impact of engaging with loan sharks. He stressed the risks posed by exorbitant interest rates, noting that such practices could lead to significant financial strain and, in severe cases, the demise of businesses.
Emphasizing prudent financing, Famuyiwa advised SMEs to approach regulated financial institutions, stressing the importance of business registration, financial records, tax identification, and clean credit bureau reports when seeking financial support. He introduced the FirstSME current account, offering various features without an Annual Maintenance Charge (AMC), as part of First Bank’s support initiative for businesses.
Additionally, the bank provided over 300 SME operators attending the webinar with complimentary Firstbank Point of Sale (PoS) machines, showcasing its commitment to supporting SMEs in their growth journey. The webinar aimed to equip SMEs with strategies for sustainable growth and profitability, organized in collaboration with Mesh Consult Limited.
