BAS Group CEO Highlights SME Financing Challenges in Nigeria

Abdulateef Hussein, the Group Chief Executive Officer of BAS Group, addressed the financing challenges faced by Nigeria's small and medium-sized enterprises (SMEs) during the 2026 BusinessDay Banking and Financial Institutions (BAFI) Awards held on October 9 in Lagos. He noted that these challenges extend beyond high interest rates and limited credit supply, highlighting unsuitable loan structures, stringent collateral requirements, and lengthy approval processes as significant barriers.

Hussein emphasized that many businesses struggle to secure appropriate financing not due to a lack of capital but because available funding often does not align with their operational needs. BAS Group's subsidiaries, BAS Capital and BAS Finance, received top honors at the awards, with BAS Capital named SME Investment Bank of the Year and BAS Finance awarded SME Lender of the Year.

Over the past year, BAS Finance disbursed ₦55 billion, while BAS Capital closed transactions valued at over ₦50 billion. The SME financing gap in Nigeria is estimated at ₦13 trillion, underscoring the difficulties businesses face in accessing formal credit.