Zenith Bank has emerged as the winner of the prestigious “MSME Award for Trade Finance” at the inaugural edition of the Micro, Small, and Medium Enterprises (MSME) Award Night. The event, organized by Nairametrics in collaboration with the Economic Forum Series, took place at the Civic Centre Towers, Victoria Island, Lagos, celebrating organisations that have made a significant impact on Nigeria’s MSME sector.
The award for MSME Trade Finance recognizes financial institutions or programs that excel in providing trade finance solutions tailored to the unique needs of MSMEs. Zenith Bank won the award for its SME Grow My Business (SME-GMB) initiative, which has been instrumental in offering trade finance products and services specifically designed to empower small businesses in Nigeria. Zenith Bank outperformed fellow nominees United Bank for Africa (UBA) and Eco Bank to claim the top prize. Anthony Akindele Ogunranti, Executive Director of Zenith Bank, accepted the award on behalf of the bank.
In his address, Ugodre Obi-Chukwu, CEO and Founder of Nairametrics, underscored the importance of MSMEs in driving Nigeria’s economic growth. He noted that MSMEs contribute nearly 50% to Nigeria’s GDP and employ over 80% of the workforce, with over 41 million MSMEs operating in the country.
“MSMEs represent the spirit of innovation, resilience, and determination that propels this nation forward,” Obi-Chukwu said. He also stressed the need for a more supportive ecosystem to help MSMEs overcome significant challenges, particularly in accessing finance.
Obi-Chukwu emphasized that the selection of nominees for the awards was a rigorous process, ensuring that only the most deserving organisations were recognized for their contributions to the MSME sector.
The event was attended by key players from Nigeria’s financial sector, including Mastercard, Heirs Insurance Group, Eco Bank, Airtel, NASD, Jaiz Bank, VFD Microfinance Bank, Polaris, ETranzact, and NGX. The Senior Special Assistant to the President on Job Creation and MSMEs, Mr. Tola Adekunle Johnson (TAJ), was also present, lending further credence to the importance of the MSME sector in Nigeria’s economic landscape.
Trade finance encompasses a range of financial products and services that facilitate both domestic and international trade. These include letters of credit, export financing, import loans, guarantees, and supply chain finance. The MSME Award for Trade Finance aims to recognize entities that have developed effective trade finance solutions tailored to the needs of MSMEs, enabling them to manage cash flow effectively, mitigate trading risks, and participate more actively in local and global markets.
Zenith Bank’s SME-GMB initiative has proven to be a transformative force for small businesses, providing them with the tools and resources necessary to thrive in a competitive marketplace.
The success of the MSME Award Night reflects the vibrancy and resilience of Nigeria’s MSME sector. With this event, Nairametrics and the Economic Forum Series have established a platform to highlight the crucial role of MSMEs in the nation’s economy and foster continued innovation and growth in the sector.
