How Smart Banks Are Powering the Growth of Nigeria’s Small Businesses
Smart banks in Nigeria are rapidly reshaping the landscape for small business owners through a sweeping shift toward digital-first banking. In 2024 alone, many of Nigeria’s top banks poured a combined ₦518.5 billion into upgrading their technology infrastructure — modernizing core banking systems, improving mobile apps, and strengthening cyber security
This significant investment signals a transformation: digital banking is no longer a peripheral add-on, but the backbone of financial services across the country.
One standout is Mutual Trust MF Bank, which now offers streamlined, tech-driven loan facilities to small and medium-sized enterprises. Their loan application process has been simplified to reduce delays commonly associated with traditional bank loans. This enables entrepreneurs to access funds quickly and seize business opportunities without being held back by bureaucratic hurdles.
Fidelity Bank has gone beyond credit by rolling out its “SME Empowerment Program,” providing selected small business owners with digital tools — such as POS systems, inventory management software, and receipt printers — alongside bookkeeping and business-management training. This helps SMEs move away from manual processes and manage operations more efficiently.
First Bank, which has committed to expanding financial inclusion by offering digital banking solutions tailored to SMEs and hosting webinars to guide entrepreneurs through regulatory changes and business formalization, especially in light of new tax laws.
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