BY JOHNMARK UKOKO
Stanbic IBTC Holdings Plc, a member of Standard Bank Group has urged Small and Medium Enterprises (SMEs) in Nigeria to digitise their products and services to drive business efficiency.
The call was made during the 2022 Enterprise Banking webinar organised by Stanbic IBTC Bank with the theme: Your Business, Our Business, Accelerating Business Growth, which featured Head Research, Stanbic IBTC bank, Muyiwa Oni, Team Lead Enterprise banking, Stanbic IBTC Remilekun Ishola, Solutions Manager INQ Digital, Philip Egbtho and other resource persons.
Speaking on the need for SMEs to digitise their products and services, Chief Executive Officer of the bank, Wole Adeniyi, stated that the integration of digital technology into businesses would help SMEs to achieve greater business efficiency.
“The position of SMEs in the society has been identified as one of the most important catalysts in a nation’s development. In fact, it is the major propeller of development in any nation.
“A country that needs fast and rapid development should not neglect the crucial role of small scale industries. However, to attain optimal business efficiency, digitisation of their products and services must be adopted immediately across all enterprise business sector,” he said.
In his presentation, Oni noted that although Nigeria Gross Domestic Product (GDP) was gradually recovering and that 2022 comes with heightened political activities, increase in cash flow system and some uncertainties due to the 2023 general elections, which he said, was the pattern with electioneering in the country.
He charged promoters of SMEs to switch to digital platforms to conduct their businesses and look for innovative ways to serve their customers.
In his presentation, a Business Strategist, Steve Harris, stated that for SMEs to experience growth and expansion there must be emphasis on branding and packaging to effectively market their products and services.
He also stressed the need for branding strategies for businesses to apply to accelerate their growth alongside worst strategies that businesses should avoid in 2022, if such SMEs hope to survive in the competitive and harsh operating environment.
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