At the recently held maiden edition of the Micro Small and Medium Enterprises (MSME) Award Night, Zenith Bank won the award for MSME Trade Finance.
The MSME Awards organised by Nairametrics in partnership with the Economic Forum Series was held on Friday, 27th of September, 2024, at the Civic Centre Towers, Victoria Island, Lagos.
This event was birthed to recognise and celebrate the organisations that have made a significant impact on the Micro, Small, and Medium Enterprises (MSME) sector in Nigeria.
The category of “MSME Award for Trade Finance” recognises organisations, financial institutions, or programmes that have excelled in providing trade finance solutions to MSMEs. At this edition, United Bank of Africa, Eco Bank and Zenith were nominated as the finalists.
Of the three finalists, Zenith Bank emerged the winner, having demonstrated excellence in offering trade finance products and services specifically designed for MSMEs with its SME Grow My Business (SME-GMB). Anthony Akindele Ogunranti, the Executive Director of Zenith Bank, received this award at the event.
More Insights
Ugodre Obi-Chukwu, the CEO and Founder of Nairametrics, in giving his speech at the event noted that,
“Small and Medium Enterprises (SMEs) are the backbone of Nigeria’s economy, contributing nearly 50% to our GDP and employing over 80% of our workforce. With over 41 million SMEs in Nigeria, they represent the spirit of innovation, resilience, and determination that propels this nation forward. However, many still face significant challenges, particularly in accessing finance, and this is where we need to foster a more supportive ecosystem.”
Going further in his speech, he also noted that all the nominees for the award had been selected through a painstaking process, ensuring that only the most deserving are recognised.
In attendance at the awards night were various financial institutions including Mastercard, Heirs Insurance Group, Eco Bank, Airtel, NASD, Jaiz Bank, VFD Microfinance Bank, CIS, NGX, Polaris, ETranzact and a host of others.
The Senior Special Assistant to the President on Job Creation & MSMEs, Mr Tola Adekunle Johnson (TAJ) was also in attendance at the event.
This is a testament to just how vibrant the Micro, Small and Medium Enterprises sector in Nigeria is and a strong reason why this award should be continued.
What You Should Know
Trade finance refers to financial products and services that facilitate international and domestic trade. These include letters of credit, export financing, import loans, guarantees, and supply chain finance. The MSME Award for Trade Finance focuses on entities that have developed and delivered effective trade finance solutions tailored to the needs of MSMEs in Nigeria, enabling them to participate more actively in global and local markets, manage cash flow effectively, and mitigate risks associated with Trading activities.