Credit Direct Launches Initiative to Aid SMEs Cash Flow

Credit Direct has initiated the "Monei Talk" financial literacy series to tackle cash flow management challenges that small and medium enterprises (SMEs) in Nigeria face. This initiative was unveiled during Financial Literacy Month and aims to improve access to capital and financial management skills among SMEs, which account for 96% of enterprises in Nigeria and contribute approximately 48% to the Gross Domestic Product (GDP).

Olagok Balogun, CEO of So Fresh, shared insights from his experience in building a successful consumer brand, highlighting that many SMEs fail due to poor cash flow management. He emphasized that financial mismanagement is a significant factor in the early failure of SMEs, with many businesses shutting down within the first five years.

The session provided practical cash flow guidance and introduced a 30-day cash flow planner designed by Credit Direct. Additionally, Credit Direct plans to launch a business platform to facilitate access to loans for SMEs, helping them meet immediate financial needs and achieve their business goals.