Micro, Small and Medium Enterprises (MSMEs) in Nigeria continue to struggle with access to finance despite ongoing economic reforms, The Alternative Bank has said, citing structural barriers such as cash-based transactions, delayed payments and weak credit histories.
The bank made this known during the 47th Kaduna International Trade Fair, where it distributed more than 300 free Point-of-Sale (POS) terminals to MSMEs operating across trade, retail and service clusters.
In a statement issued after the event, the Executive Director, Commercial and Institutional Banking South and Central, Garba Mohammed, said targeted, practical interventions were necessary to help small businesses operate efficiently and grow sustainably. He was represented by the Head of Corporate Social Investment, Solomon Okonkwo.
Addressing entrepreneurs, business leaders, members of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, and government officials at the Kaduna International Trade Fair Complex, Mohammed stressed that policy reforms alone cannot drive results without integrating businesses into structured financial systems.
“Reforms set direction. But reforms alone are not results,” he said. “Results happen when MSMEs are formalised, transactions are traceable, and businesses can access finance without friction.”
According to him, MSMEs account for more than 96 per cent of businesses in Nigeria and employ over 80 per cent of the workforce, yet access to finance and digital infrastructure remains limited, particularly in Northern Nigeria.
To address this gap, the bank provided POS terminals at no cost to over 300 businesses during the fair, removing an immediate barrier to digital payment adoption. Beneficiaries were onboarded instantly and integrated into digital transaction systems, enabling improved efficiency, reduced cash-handling risks and the creation of verifiable payment records to strengthen future loan eligibility.
“An MSME that cannot accept digital payments is structurally limited. Our responsibility is not to make speeches about inclusion, but to provide the infrastructure that enables it,” Mohammed said.
He added that the free POS initiative would continue beyond the trade fair, with eligible MSMEs able to access the service at the bank’s branches in Kaduna and nationwide.
“The free POS terminal offering does not end at the Trade Fair complex. Eligible MSMEs can access the service at our branches in Kaduna and nationwide. Our goal is to remove bottlenecks that limit business growth and bring more entrepreneurs into the formal financial ecosystem,” he said.
The bank also commended the Kaduna Chamber of Commerce and the Kaduna State Government for sustaining a platform that promotes enterprise development and regional trade, reaffirming its commitment to supporting MSMEs through non-interest financial solutions aligned with real sector growth.
