Online shopping community, Kaymu, has narrowed the top three challenges facing small and medium scale enterprises (SMEs) in Nigeria down to insufficient access to finance, unstable power supply and economic instability.
Kaymu obtained this data from a survey carried out at on entrepreneurs at the recently concluded Entrepreneurs Club which had over 200 entrepreneurs in attendance.
“In order to seek ways to improve the efficiency of SMEs, we discovered from entrepreneurs in our network and across Nigeria, some of the major challenges they face. Ranking at the top of the list was lack of finance and financial planning,” stated Sefik Bagdadioglu, Managing Director Kaymu.
According to Bagdadioglu, online marketplaces like Kaymu seek to empower entrepreneurs financially and this necessitates adequate education to help these SMEs manage their revenue.
“Many entrepreneurs go into business without adequate knowledge on how to access and manage finance and seminars like the Entrepreneurs’ Club seeks to bridge the knowledge gap by creating an enabling environment for SMEs to liaise with experts in the field”, he added.
Fidelity Bank SME expert, Ibikunle Bolorunduro at the event disclosed that addressing SMEs financial challenges goes beyond …read more