Wema Bank deepens financial literacy for SMEs

Wema Bank Plc is deepening financial literacy and optimisation among its customers, particularly SMEs, with a webinar themed “Unbundling Tax, Legal and Compliance – Issues for SMEs held recently.

The event featured facilitators who shared insights on how SMEs can upscale their businesses and Wema products/services they can use.

The webinar, which is one of the avenues the bank is using to deepen financial literacy and business optimisation across its stockholder universe, featured Head, Legal Services, Wema Bank, Hilary Ajodo; Fiscal Policy Partner, Africa Tax Leader, PricewaterCoopers (PwC), Taiwo Oyedele; Head, Online Sales, Digital Platforms, Business Day, Linda Ochugbua and Head, Corporate Strategy, Planning, Wema Bank, Olufemi Akinfolarin.

Speaking on legal challenges faced by SMEs, Ajodo said that business education and registration was essential for any serious-minded entrepreneur to avoid floundering. Entrepreneurs thrive in business, according to him, when they have gained adequate knowledge of the business and decide on the nature of corporate entry to register.

Ajodo, said that entrepreneurs must endeavour to start small by registering their businesses as an enterprise before migrating to a Limited Liability Company and finding ways of minimising expenses in order to maximise profit.

He advised SMEs owners not to venture into businesses they are not sure of, sign any contract without adequate information, and avoid litigation as the first step in a dispute but explore alternative settlement means.

He advised entrepreneurs to get insurance for their business assets, adequately prepare for unforeseen trends by diversifying their business stream of income and being prepared for government policies that may affect any business.

Wema Bank’s Head of legal services warned that SMEs operators should obtain loans only from legitimate sources, ensure they have a clearly stated business plan for profit maximisation and join like-minded business associations.

He urged SMEs to avoid capital mismatch and approach Wema Bank as the best option to access business capital facilities.

On his part, Taiwo Oyedele of PwC highlighted the significance of sustainable evolution of businesses and regulatory dynamics for success.

Oyedele explained that an entrepreneur must think about how to grow his brand beyond himself by keeping his eyes open for opportunities.

He also called on SMEs owners to ensure they acquire financial literacy and composite business intelligence as this will enhance understanding of tax obligations, regulatory compliance and contractual processes of businesses.

Oyedele also harped on the need for documentation and record-keeping of business transactions.