Sterling Bank has been named the MSME Bank of the Year at the recently held maiden edition of the Micro Small and Medium Enterprises (MSME) Award Night.
The event was organised by Nairametrics in partnership with the Economic Forum Series to recognise and celebrate the organisations that have made a significant impact in the Micro, Small, and Medium Enterprises (MSME) sector in Nigeria.
The Awards which took place on Friday, 27th of September, 2024, at the Civic Centre Towers, Victoria Island, Lagos, was endorsed by the Office of the Vice President on MSMEs & Job Creation, Federal Republic of Nigeria.
Supporters of the event included key stakeholders such as the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), Federal Inland Revenue Service (FIRS), Enhancing Financial Innovation & Access (EFInA), Association of Licensed Mobile Payment Operators (ALMPO), and the FinTech Association of Nigeria (FinTechNGR).
Not only was Sterling Bank nominated in 4 categories, they also identified with the event by being part of the sponsors.
That Sterling Bank was shortlisted for 4 categories at this Award is a testament to the Bank’s commitment to working with MSMEs.
It therefore was no wonder that of the three banks – Access, Sterling and Wema – shortlisted for MSME Bank of the Year, Sterling Bank emerged the winner. To receive the award at the event was Mustapha Otario, the Chief Product Officer at Sterling Bank.
This Award clinched by Sterling Bank is a testament to the bank’s commitment to fostering the growth and sustainability of Nigeria’s MSMEs by offering tailored banking solutions, including credit facilities, business accounts, advisory services, digital banking tools, and more.
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The “MSME Bank of the Year” category recognises a bank that has excelled in providing comprehensive financial services and support to Micro, Small, and Medium Enterprises (MSMEs). The award also considered the bank’s innovation in digital banking services, its customer service quality, and its efforts to educate and empower MSMEs through financial literacy programmes.
Speaking at the event, the CEO and Founder of Nairametrics, Ugodre Obi-Chukwu, stated that:
“Small and Medium Enterprises (SMEs) are the backbone of Nigeria’s economy, contributing nearly 50% to our GDP and employing over 80% of our workforce. With over 41 million SMEs in Nigeria, they represent the spirit of innovation, resilience, and determination that propels this nation forward. However, many still face significant challenges, particularly in accessing finance, and this is where we need to foster a more supportive ecosystem.”
The Annual MSME Finance Awards was established to honour the innovative efforts of financial and non-financial institutions, including non-state actors, in enhancing MSMEs’ access to finance through advancements in financial inclusion, fintech, government policy, legal support, and capacity building. The annual Awards is an adjacent extension and fallout of the Annual MSME & Start-up Summit conceptualised, curated, and convened by The Economic Forum Series ® EFS since 2018.
For this 2024 maiden edition, the nomination and shortlisting process was conducted by Nairalytics, the research and analytics division of Nairametrics Financial Advocates.
