Fintech can proffer solutions to the Small and Medium Enterprises (SMEs) by addressing most of the problems associated with SMEs, especially in their relationship with traditional banking system.

The view was re-echoed by the keynote speaker, Biodun Adedipe, the founder and Chief Consultant, B Adedipe Associates Limited at the Supernews Conference held in Lagos, tagged: “Bringing SMEs into the Financial Services Network via Fintech”.

He explained that in the array of issues SMEs grapple with, fintech has evolved to deal with the long list of deficiencies by introducing into the financial landscape the SME banking software.

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Adedipe, re-echoing the description that fintech is the fusion of finance and technology, which has revolutionised the way we manage, invest, and access money he reiterated that its adoption would grow SMEs significantly.

He said SME banking is on the throes of fintech, and explained, “SME banking is a set of financial services custom-fitted for the smaller scale and specific needs of Small and Medium sized Enterprises.”

Adedipe underlined that to make the Fintech fitted, it would require the government and the financial system regulators treat fintech “as an important strategic part of the financial ecosystem not just to deepen financial inclusion, but to assure inclusive and sustainable economic growth.”

While emphasising shared responsibilities, the financial expert said, “It is also important to mention that fintech operators should also maintain good faith, as the MSMEs grow with them.”

Citing Remita on how fintech could raise the contributions of SMEs he recast, “As Nigeria continues to embrace digital transformation and foster innovation in the

financial sector, the role of fintech in empowering SMEs will only grow in significance. With a young and dynamic

entrepreneurial ecosystem; the demand for fintech solutions tailored for SMEs is expected to soar, driving further innovation and competition in the market.”

The Publisher/CEO Supernews online, Ngozi Onyeakusi said, “The confab is a learning opportunity designed to enhance awareness, deepen understanding of the participants on how SMEs can grow and sustain their businesses by embracing various financial services options including banking, capital market, pension and insurance.”

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