Fiducia Data Services Limited has unveiled its initiative to close the financing gap for Small and Medium Enterprises (SMEs) in Nigeria by offering Supply Chain Finance solutions. This commitment was spotlighted during the Fiducia Factoring Forum in Lagos, where Bunmi Lawson, the company’s Chairman, highlighted the ongoing challenges SMEs face in securing financing despite technological advances. She pointed out that lengthy payment delays from large companies can hinder SMEs’ cash flow, sometimes extending to 90 days, complicating their operations.
Lawson explained that implementing Supply Chain Finance can significantly enhance cash flow for SMEs, enabling them to receive payments faster and minimizing the capital tied up in inventory. This model only supports SMEs by facilitating quicker access to funds but allows larger companies to manage their supply chain financing without external funding. The advantages include improved profitability, broader supplier networks, and cost-effective financing options, all essential for stimulating growth and economic progress.
The forum also featured remarks from Imohimi Aig-Imoukhuede, Managing Director/CEO of Fiducia, who emphasized the critical role of this platform in delivering necessary capital to SMEs in Nigeria. He noted its relevance in the current unstable economic climate, where fluctuations in exchange and interest rates pose challenges for businesses. By ensuring prompt and reliable funding for SMEs, Fiducia aims to bolster economic activity, encourage business expansion, and contribute positively to Nigeria’s economic development.
