105 The Mount, York, YO24 +44 1904 731436 08:00-17:00

More Africa NewsNigeria: NITDA Seeks Funding for Tech Start-Ups

July 6, 2020by myles0

The National Information Technology Development Agency (NITDA), has called on financial institutions in the country to give loans to Small and Medium Enterprises especially the Financial Technology (FinTech) start-ups.

NITDA’s Director General Mallam Kashifu Inuwa Abdullahi who disclosed this in a webinar organised by FinTech said increasing lending to the start-ups would promote financial inclusiveness in the country.

He stated that traditional banks’ lending process has long been a barrier to assessing finance for SMEs in Nigeria, a development that was impacting negatively on their operations.

He urged the banks to come up with innovative ideas to assist vulnerable SMEs in the era of COVID-19 that is plaguing the world.

He said: “The COVID-19 pandemic has disproportionately impacted SMEs around the world, Nigeria inclusive. Traditional bank lending process has long been a barrier to accessing finance for SMEs in Nigeria.”

He, however, claimed that government was providing different types of interventions and palliatives.

Read the original article on Daily Trust.

Leave a Reply

Your email address will not be published. Required fields are marked *