FCMB Advocates for Infrastructure Support for SMEs

The Senior Vice President of FCMB stated that small and medium-sized enterprises (SMEs) require infrastructure beyond just financing to thrive. Key challenges include the need for reliable electricity, efficient logistics networks, and strong digital infrastructure, which are critical for competitiveness.

The rising energy costs, accounting for approximately 60% of SME operational costs, have become a significant concern, especially with current economic pressures such as high inflation and interest rates. FCMB aims to support SMEs by fostering long-term relationships rather than merely transactional interactions, helping them navigate economic shocks.

The bank recognizes that access to finance is a major challenge for SMEs, often stemming from deeper issues like inadequate documentation for traditional lending models. FCMB is exploring alternative data and digital lending models to improve access to finance for various business categories, while also seeking partnerships to provide affordable financing options.