Nigeria’s largest local search engine, VConnect has announced a strategic partnership with Stanbic IBTC, a leading banking conglomerate in Africa and provider of integrated financial services, to enable SME customers of both companies gain online presence and have access to financial aid which would help these SMEs increase reach and profit.
In most countries Small and Medium Sized Enterprises (SMEs) represent a substantial proportion of all economic activities, and typically account for well in excess of 50 percent of total employment. However, developing a successful and thriving SME is always difficult, especially in emerging markets because there are limited platforms that encourage and support their growth and development. It is in view of this, that VConnect and Stanbic IBTC have joined forces in order to empower SMEs.
The partnership between both organisations is forged such that SME clients of both would benefit substantially from it.
Speaking on the partnership, Mr. Deepankar Rustagi, General Manager, VConnect said “The partnership with Stanbic IBTC is in line with our company’s goal of ensuring that SMEs in Nigeria are not limited to their immediate environment and grow as much as they can.” He said SMEs are the live wire of any country and they contribute in no small measure to the growth and development.
Mr. Deepankar said the partnership was forged with Stanbic IBTC based on the observation that the bank has overtime created avenues for the development of SMEs through various products aimed at their development. He further stated that an alliance between the two organizations bodes well for the advancement of SMEs in Nigeria.
According to the Stanbic IBTC SME Head, Mr Akintunde Oyebode Nigerian SMEs are not taking advantage of the online space to increase business as most SMEs are confused about it or have heard numerous negative stories, he however promised that Stanbic IBTC will help its customers make good decisions and increase the variety of beneficial services available to its huge SME customer base promising that the bank is poised to help its customers succeed.
The rewards of better SME banking are potentially huge, not just for banks and the SMEs themselves, but for the economy as a whole. SME clients of Stanbic IBTC and VConnect global services can therefore look forward to top-notch services geared towards their development.