Wale Edun to banks: Deepen access to credit for SMEs

Wale Edun, minister of finance and coordinating minister of the economy, has called on Nigerian banks to support inclusive growth and deepen the capital market for small and medium enterprises (SMEs).

Edun spoke at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) held in Lagos over the weekend, themed ‘Banking Beyond Borders: Leveraging Technological Innovation for Enhanced Performance’.

The minister said although the economy is recording sustained growth, more effort is required to ensure inclusivity through job creation and access to finance.

“We now have what I would say is mr. President’s agenda. Rapid growth accelerating well above 4 percent, and we look for it to continue,” he said.

“We have sustained effort of the reforms since May 29, 2023, we have stayed the course, but we need inclusivity. That inclusivity means good-paying jobs for our young people.”

Edun urged financial institutions to do more in supporting ideas and small business development through deeper access to credit.

“We, the finance industry, the banking industry, we have more work to do because we must finance the ideas,” he said.

“We must deepen the capital market, the banking credit market, right down to small SMEs. They should not have to go to Silicon Valley. As bankers, we have done very well. If we don’t meet their aspirations, they will go to crypto, they will go to virtual, and then we will have another issue.”

’MONETARY POLICY UNDER CARDOSO HAS STABILISED THE ECONOMY’

Edun commended the Central Bank of Nigeria (CBN) and Yemi Cardoso, the apex bank governor, for stabilising the financial system through its monetary policies, despite their tightness.

“Monetary policy under the CBN governor has stabilised the financial system in a most commendable way,” Edun said.

“We recognise him and thank him for his efforts. Of course, it’s a team effort, and while those eye-watering interest rates have to be paid by the fiscal side, the fight against inflation is one we must all participate in.”

Oliver Alawuba, group managing director (GMD) of the United Bank for Africa (UBA), also commended the finance minister and the CBN for turning the economy around positively over the past year.

“We are thanking you for the way you have rescued Nigeria’s economy. Today, things are better on the economic side than it was a year ago,” Alawuba said.

‘LET’S BRIDGE DIGITAL GAP WITH HUMAN TOUCH’

Alawuba congratulated the 21 honorary fellows, 440 elected fellows, and 225 honorary senior members recognised at the event, describing them as “architects of progress, custodians of integrity, and pioneers whose contributions have indelibly shaped our economic landscape”.

According to the GMD, the theme of the event reflects the financial industry’s current direction. 

He urged industry leaders to take on three critical missions to strengthen the financial ecosystem.

“Number one, let us bridge the digital gap with a human touch. As we leverage artificial intelligence, blockchain and open banking to enhance performance, we must ensure that no Nigeria is left on the wrong side of the digital chasm,” he said.

“Second, let us build fortresses of trust in a borderless world. With great innovation comes great vulnerability. In this era of digital acceleration and seamless business operations, safety must remain our foremost priority, non-negotiable and uncompromised.

“Every bridge, however small, erodes confidence and threatens progress.”

Alawuba also urged the industry leaders to collaborate even amid competition, calling on fintechs and regulators to deepen the spirit of collaborative innovation.

The GMD said collective effort is key to building a Nigerian financial system that is efficient, profitable, resilient, inclusive, and globally competitive.