‘BOI’s 7m SMEs’ data aided COVID-19 funds success’

The Bank of Industry (BOI) has said a database capturing seven million owners of Small and Medium scale Enterprises (SMEs) and artisans onboarded on its platform, helped the federal government in disbursing funds that cushioned the effects of the COVID-19 pandemic on businesses.

The Executive Director Micro Enterprises at BOI, Toyin

Adeniji, who disclosed this yesterday at a Zoom meeting on the impact of COVID-19 on the informal sector, called for collaborations on data, saying the data was captured on the Government Enterprise and Empowerment Programme (GEEP) of the bank before the pandemic.

Toyin also said the bank reduced its interest rate by two percent to save small businesses. “I think a lot has been done and it will be unfair to say they (SMEs, artisans) have been forgotten. They are not forgotten.”

Founder, LAPO Microfinance, Godwin Ehigiamusoe, said COVID-19 presented more of an “economic challenge than a medical challenge” to SME owners, artisans and their households.

He urged the government to hasten the National Identity Number (NIN) scheme as it provides an element of identification and huge comfort to the micro lender in the absence of collateral for loan requests. The LAPO boss also sought the integration of MFBs to deliver interventions on behalf of the government.

The moderator and Policy Lead, Sustainable and Inclusive Digital Financial Services initiative (SIDFS), Prof. Olawale Ajai, said Nigeria should go big on economic planning by using the experience of the COVID-19 situation towards attaining sustainable development.