Stanbic IBTC Bank Storms Local Markets in Grand Style, Offers Financial Solutions to SME Owners

Stanbic IBTC Bank Storms Local Markets in Grand Style, Offers Financial Solutions to SME Owners

Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC has further supported SMEs in Nigeria by storming markets across different states in Nigeria to introduce financial solutions that can transform their businesses. In line with its commitment to driving the growth of small and medium-scale businesses across the country, Stanbic IBTC Bank is collaborating with various businesses to drive growth and scale by providing tailor-made financial solutions ranging from flexible loans to specialised products to fuel business growth, a dynamic community of like-minded entrepreneurs for collaboration and networking and business advisory from renowned experts within the Enterprise Academy platform.

With the Nigerian market undergoing rapid changes and facing various challenges, market traders have been confronted with the need to adapt and re-position for success. To achieve this, businesses are required to comply with regulatory documentation requirements and fulfil tax obligations. Stanbic IBTC recognises the importance of compliance and understands that having a Tax Identification Number (TIN) is a key requirement for businesses to access loans, therefore, Stanbic IBTC Bank will be facilitating the generation of Joint Tax Board (JTB) Tax Identification Number (TIN) at these market storms.

Speaking on the market storm, Wole Adeniyi, Chief Executive, Stanbic IBTC Bank, said, "We are delighted to visit indigenous markets in Nigeria before our annual training programme. The training has been instrumental in improving the livelihoods of small business owners and building their skills. We are proud to contribute to the development of small enterprises across Nigeria to accelerate their business growth and especially, create a level playing field where women can thrive and make significant contributions through the Stanbic IBTC Blue Blossom Initiative."

He added that the market storm is part of the Bank's initiative to support the growth and success of SMEs who account for 86.30% of the national workforce, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and who also contribute an average of about 50% to Nigeria’s annual Gross Domestic Product (GDP).

The market storms will kick off in Ibadan, Oyo state and will continue to four major states across the nation including- Rivers, Abuja and Anambra in the following markets – Agbeni market, Gbagi market, Oyigbo market, Mile Three market, Rumomasi market, Utako market, Kubwa market, Relief market and Head Bridge market.

Stanbic IBTC remains committed to adding value and ensuring the growth of entrepreneurs and their businesses by providing them with quality advisory services. Through the years, it has empowered over 10,000 SMEs with quality business advisory and capacity-building programmes aimed at equipping them with the required knowledge and skills to grow their businesses.