Mr Olutokun Toriola, Chief Executive Officer, MTN Nigeria, has urged Small and Medium Enterprises (SMEs) to use the data presented to them through telecommunication companies and financial systems to access capital.
Toriola, gave the advice on Friday at the Sparkle’s webinar for SMEs with the theme: ’’Simplifying Support for Small Businesses’’.
According to him, data is abundant in both the telecommunications and financial system.
“The person to make magic out of this is the person that can turn data into wisdom because the data is out there and not many people have successfully been able to transform and beneficially structure this data.
“If we convert data into wisdom, then I think we can create a magic formula that can transform the SME world and fix the problem about access to capital.
“More than 95 per cent of registered businesses around the world are SMEs.
‘Africa is no different, according to the World Bank, they provide for more than half of all jobs and account for more than a third of the combined GDP of emerging market economies.
‘’Getting access to credit, however, is an uphill task for most of these SMEs,’’ he said.
According to him, it is now widely established that lack of access to finance is the most significant constraint on the growth of small enterprises.
He said that in developing economies, the esti,nmated annual credit gap could be as much as $5.2 trillion dollars.
MTN Nigeria is committed to enabling the growth of small businesses by offering solutions to improve organisational effectiveness and productivity.
Toriola said that MTN Nigeria provided access to knowledge and information through easily affojbww2rdable, sometimes free tools and learning programmes through SMS automated port training programmes.
He said: “In addition, we also try to provide access to infrastructure with specifically designed packages for SMEs, such as cost-effective voice and data solutions as well as collaborations with global ICT partners.
The News Agency of Nigeria (NAN) reports that those at the webinar include CEO, Flour Mills of Nigeria Group, Boye Olusanya and CEO, Access Bank Plc, Herbert Wigwe among others. (NAN)