The Managing Director of Regent Microfinance Bank, Idris Olugbesan, has emphasised that the future of Small and Medium-scale Enterprises in Nigeria will depend largely on three critical factors, including access to capital, trust within the financial ecosystem, and the strategic use of technology.
He made this known at a media interaction on Tuesday 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, while SMEs remain the backbone of Nigeria’s economy—contributing significantly to employment—many still struggle with limited access to funding and the financial tools required to scale.
He explained that many SMEs operate informally or lack the documentation required to secure funding through traditional banking systems. Consequently, he urged financial institutions to design more inclusive products that reflect 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 added. Beyond funding, the Regent Microfinance Bank boss emphasised the importance of trust between financial institutions and business owners.
He noted that trust is the bridge that encourages entrepreneurs to migrate from informal setups to formal financial systems. Related News N1m wage useless if naira remains weak — Ajaero Firms renew pact to drive women empowerment FATE trains 8,945 entrepreneurs, targets expansion “Trust is fundamental to financial inclusion.
When entrepreneurs trust financial institutions, they are more willing to adopt formal banking solutions that support long-term business growth,” he further explained. He added that building this rapport requires transparency, responsible lending, and consistent customer engagement from financial institutions.
Olugbesan also highlighted the role of technology in transforming SME operations. He explained that digital banking, mobile payments, and automated management tools are helping businesses operate with greater efficiency. “Technology is redefining how businesses interact with financial services.
Digital platforms are making it easier for entrepreneurs to access banking services, monitor transactions, and manage their businesses in real time,” he added. The MD stressed that strengthening the SME ecosystem requires a synergy between financial institutions, regulators, and business support organisations.
He argued that providing capital alone is insufficient; entrepreneurs also need financial education and supportive policies. “Nigeria’s economic future will depend significantly on the success of its small businesses. By strengthening access to finance, building trust in financial systems, and embracing technology, we can unlock the full potential of SMEs across the country.” Olugbesan noted.
He further noted that financial institutions must continue to innovate to empower entrepreneurs to build resilient businesses in an increasingly competitive global economy. He made this known at a media interaction on Tuesday where he discussed the evolving landscape for small businesses in Nigeria and the role financial institutions must play in supporting sustainable enterprise growth.