Keystone Bank restates support for SMEs

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Keystone Bank Nigeria Limited has reiterated its commitment to supporting  the growth of the Small and Medium-scale Enterprises in Nigeria.

The lender said this was in line with the Federal Government’s recent drive to support growth of the SMEs through its policies.

 The Acting Managing Director, Keystone Bank, Mr. Hafiz Bakare, said this in Lagos, the bank said in a statement on Monday.

He noted the importance of the SME’s to the growth of the economy, stating that the current employment rate could be bolstered if the SMEs were provided with a conducive ecosystem with which to thrive.

This he said, was not only the purview of the government.

He said, “While the government is making efforts to increase the ease of doing business in Nigeria, financial institutions have a significant role to play in supporting the SMEs and this is why Keystone Bank is repositioning its GrowBiz Account to create financial options for businesses.”

According to Bakare, the SMEs provide a means of employment generation, improvement of local technology, output diversification, development of indigenous entrepreneurship and forward integration with larger-scale industries.

He was quoted to have said, “Today in Nigeria, many factors have contributed to the underperformance of micro enterprises and their contributions to economic growth.”

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