Wole Shenbanjo Advocates for Improved Credit Access in Nigeria

Wole Shenbanjo is an entrepreneur and financial services executive, currently serving as the Group CEO of Shenbee Investments. He is also the founder of Saturn Credit Limited, which focuses on providing credit solutions.

In an interview, Shenbanjo addresses the significant challenges individuals and small to medium-sized enterprises (SMEs) face in accessing credit in Nigeria. He notes that while credit exists in the market, it often does not reach the right people at the right time or under favorable terms.

Barriers such as documentation requirements, lengthy application processes, and high borrowing costs hinder access. Shenbanjo emphasizes the need for the credit industry to improve accessibility while maintaining risk discipline.

He highlights that SMEs are crucial to the Nigerian economy, and without access to capital, businesses may miss opportunities, such as fulfilling contracts or acquiring necessary equipment. He stresses that borrowing must make economic sense and that lenders should consider customers' repayment abilities and the transaction's underlying economics.