By Emmanuella Anokam
The Small and Medium Enterprises Development Agency (SMEDAN) has called for the use of Bank Verification Number (BVN) as collateral to access micro-credits by the Micro, Small and Medium Enterprises (MSMEs).
Dr Dikko Radda, SMEDAN Director-General, made the call in Uyo at the ongoing 11th meeting of the National Council on Industry, Trade and Investment organised by the ministry.
Dikko said that the banking industry could consider the BVN as adequate requirement to provide micro-credits to the MSMEs since it had been embedded with critical details of the owner.
Decrying lack of access to affordable finance by MSMEs, he expressed optimism that as Mpesa revolutionised access to finance in Kenya, BVN could create access to finance for informal entrepreneurs in Nigeria.
“This can change the story line of the sub-sector.
”The Nigerian banks can look at the idea as an option to provide…
Source: News Agency of Nigeria
