Sparkle assembles industry leaders to empower small business owners across Nigeria

Digitalisation of business processes as an essential element for SMEs to position themselves for growth and investment opportunities was a crucial point voiced by industry leaders at the Sparkle SME-focused webinar held recently.Themed ‘SMEs as engines of growth; Simplifying support for small businesses, the webinar had in attendance, forward thinking and seasoned industry leaders who shared valuable insights on how to tackle the challenges Nigerian SMEs face.

The webinar discourse was based on a report titled ‘Impact of Loan Payment Terms on Working Capital Cycles of MSMEs in Nigeria’ jointly produced by the Enterprise Development Centre of Pan-Atlantic University and Sparkle. The report examines how loans and interest rates impact the business operations of SMEs and recommends innovative ways to create an enabling business environment for SMEs in Nigeria.

Speaking at the webinar, Uzoma Dozie, Chief Sparkler at Sparkle Nigeria, said, “In an age where the world has gone digital – transactions are now cashless, touchless, paperless – data has become key to decision making. SMEs should embrace digitalisation and the use of digital solutions to collate data in a cost effective manner while minimising operational risks. This data will be used by them and various institutions to make informed decisions regarding their business.

At Sparkle, we are passionate about small businesses and we seek out innovative ways to support their growth, beyond providing financial services to them. This webinar with its stellar panellists is our way of progressing conversations aimed at supporting SMEs, by empowering them with proven professional insights, while continuously advocating for an enabling business support environment for SMEs across Nigeria.”

According to a SMEDAN survey by the Nigerian Bureau of Statistics, Nigeria’s SMEs contribute nearly 50% of the country’s GDP and account for over 80% of employment in the country. This means that SMEs are a critical part of the economy and proper investments in SMEs will have positive impacts on employment, business continuity and economic growth

Other speakers at the webinar anchored by Lehle Balde, included Karl Toriola, CEO, MTN Nigeria; Omoboyede Olusanya, CEO, Flour Mills Nigeria; Otto Williams, SVP, Head of Product, Partnerships, and Digital Solutions CEMEA at Visa, and Nneka Okekearu, Deputy Director, Enterprise Development Centre (EDC), Pan Atlantic University.