‘Access to Capital, Technology will Define Next Phase of SMEs Growth’

Nume Ekeghe

The Managing Director of Regent Microfinance Bank, Dr. Idris Olugbesan, has reiterated that the future of small and medium scale enterprises (SMEs) in Nigeria will depend largely on three critical factors, namely access to capital, trust within the financial ecosystem, and the strategic use of technology.

He made this known during a media interaction where he discussed the evolving landscape for small businesses in Nigeria and the role financial institutions must play in supporting sustainable enterprise growth.

According to him, SMEs remain the backbone of Nigeria’s economy, contributing significantly to employment and economic activity, yet many still struggle with limited access to funding and the financial tools required to scale their operations.

“Small businesses are central to economic growth in Nigeria, but their ability to grow sustainably depends on how effectively they can access capital, build trust with financial institutions, and leverage technology,” he stated.

 Olugbesan noted that access to affordable and structured financing remains one of the biggest barriers faced by Nigerian entrepreneurs.

He explained that many SMEs operate informally or lack proper financial documentation, which often makes it difficult for them to secure funding through traditional banking systems.

According to him, financial institutions must design more inclusive financial products that understand the realities of small business operations.

“SMEs require financing models that reflect the nature of their businesses. When financial products are designed around the real needs of entrepreneurs, it becomes easier for businesses to grow and contribute meaningfully to the economy,” he explained.