Last updated on July 18th, 2022 at 08:24 pm
Micro, Small, and Medium Enterprises or MSMEs constitute approximately 96% of businesses in Nigeria.
There are even more SMEs in Nigeria than the United States which has 53percent and 60percent in Europe, studies say, but access the credit facility has been one of their major challenges.
That’s why the microeconomic and financial analysts have severally called on the government to create an enabling environment for investment and a policy-friendly economy that will make access to single-digit loans for SMEs an easy one.
How exactly can you explain a situation whereby loan or lending apps with a ridiculous and killing interest rate as much as 25% interest rate in 30 days have taken over the lending sector that isn’t advisable for SMEs?
Having said that, some financial institutions in Nigeria are waking up to the call to support SMEs in the country.
One of such is the recent launching of the Zenith SME Grow My Business by one of Nigeria’s biggest financial institutions.
Apart from simplifying access to SME loans, Zenith Bank, according to its Group Managing Director and CEO, Ebenezer Onyeagwu, the SME Grow My Biz also offers other tools for the business owners to leverage the digital world.
It’s a complete solution to businesses specifically designed to help businesses grow and expand.
1) To open Zenith SME Grow My Business account, here are the requirements:
2) Your business must be registered with Corporate Affairs Commission (CAC) either as a business or a company (Check our guide on how to register a business name)
3) Applicant must sign up for digital channels for easy payment and collections of trade proceeds, meaning an exporter can use this account for international trade
4) To benefit from the reduced account maintenance fee, you must operate within the specified account turnover window
You are possibly going to ask: What are the benefits of operating Zenith SME grow my biz account?
1) Access to credit facilities at low-interest rates
2) It is easy to use
3) It offers free training for account holders
4) Zero account opening deposit.
5) Free integration to electronic collection solutions – QR codes, Global pay, X-Path, 3rd party collections and others.
6) Free advisory services on how to grow your business
7) Guide on business listings
8) Free cheque book.
9) Free marketing toolkits that provide messaging and content to promote your business.
10) As low N0.10k account maintenance fee.
11) An innovative 2-in-1 PoS device offering payment and merchant applications
12) Free and swift business listing on Google Search and Google Maps.
13) Free and regular digital training.
14) Access to a wide range of loans like SME loans, asset financing, digital loans and credit cards.
It’s important to read the terms of conditions before opening any for of bank account.