A partnership between Enhancing Financial Innovation and Access (EFInA) and GIZ, the enormous Micro Small and Medium Enterprise (MSME) financing gap that currently exists in Nigeria would soon be closed with the announcement of an innovative virtual hackathon challenge tagged: “MSME Finance… Breaking Barriers”.
Nigeria would soon close the enormous Micro Small and Medium Enterprise (MSME) credit gap that now exists. The seminar aims to address some of the significant obstacles preventing microbusinesses in Nigeria from obtaining official loans.
Adults who are imaginative and creative may register for the online program beginning today, July 8, and continuing through August 1.
A gap was filled with the introduction of a creative online hackathon competition with the tagline “MSME Finance… Breaking Barriers,” a partnership between GIZ and Enhancing Financial Innovation and Access (EFInA).
In a statement issued in Lagos, Chief Executive Officer, EFInA, Owolabi Isaiah, said: “We are excited to introduce the virtual Ideathon & Hackathon challenge tagged: MSME Finance… Breaking Barriers. Despite the proliferation of credit providers in Nigeria – both regulated and non-regulated – the financing gap for MSMEs has widened due to several issues like inability to fulfil requirements (financial records, collateral), manual/rigid credit reporting system, high default rate, manual KYC verification process, lack of financial management skills and lack of market linkages, among others. Therefore, it has become imperative to facilitate an inclusive financial system that seamlessly avails credit to MSMEs irrespective of their sizes of operations, categories and availability of traditional collateral requirements to boost the economy, reduce poverty levels and provide job opportunities.”