Ecobank to train one million SMEs

Regional banking group, Ecobank, said it aims to train about one million small and medium enterprises (SMEs) in Nigeria this year, to improve their capabilities and stimulate growth.

The Head of SME & Partnerships at Ecobank Nigeria, Osahon Akpata, disclosed this at the maiden edition of the bank’s MySME Growth Series.

MySME Growth Series is an innovative training program of Ecobank Nigeria targeted at empowering SME operators in the country, in line with the Bank’s commitment to power the success of SMEs in different sectors of the economy.

Mr. Akpata said: “We are launching the first phase of our training programme – MySME Growth Series, a selection of virtual boot camps led by facilitators who are experts in their fields.

“SMEs are the growth engine of Nigeria’s economy contributing almost 50% of GDP and 90% of jobs. As a bank that is growth-focused, Ecobank is committed to the success of SMEs in different sectors of the economy,” he said.

Themed: “Scaling up your SME in 2024”, he said the webinar will be held every other Thursday throughout the year, adding that the series would dwell on various topics that cover key areas of concern for SMEs.

These include accounting, credit, sales & marketing, taxation and inventory management.

The Bank is also planning to launch an SME Mentorship programme to collaborate with successful entrepreneurs.

Mr. Akpata said further: “We will also equip SMEs with tools to help their business such as budget templates, calculators for simulating scenarios and links to government forms. They will be trained on resources for starting a business, including registering, market opportunities, and key points to consider when running a business.

“We will also provide articles on key topics including tips to increase sales, advertising ideas, business management practices, case studies and guides to leveraging technology, amongst others.

“We will also equip SMEs with tools to help their business such as budget templates, calculators for simulating scenarios and links to government forms. They will be trained on resources for starting a business, including registering, market opportunities, and key points to consider when running a business.”

These plans come as the Chief Commercial Officer, Jumia Nigeria, Ijeoma Arum, has urged operators of small and medium enterprises (SMEs) in Nigeria to leverage eCommerce to boost sales and grow their business.

The Jumia CCO, in a presentation titled: ‘Growing your business’, noted that SMEs in Africa are faced with challenges such as access financing, stiff competition from established brands and regulatory compliance.

Thus, leveraging technology such as eCommerce has the potential to transform their businesses.

She said: “eCommerce increases reach and awareness of products and services, allows businesses to gain valuable insights into customer behavior and can be used to create targeted marketing campaigns and personalized experiences.”

She added that eCommerce allows customers to shop at their convenience, day or night and small businesses can also streamline the sales process to reduce overhead and achieve greater profitability.