To improve access to finance by SMEs, FINCA MFB Nigeria participated in a business seminar organized by Imo State Investment Promotion Agency (ISIPA) on the 19th of May 2023 to educate entrepreneurs on various lending opportunities available to clients to increase the contribution that SMEs can make to the Nigeria economy including underserved segments such as women owned SMEs.

Access to finance is the ability of individuals or enterprises to obtain financial services, including credit, deposit, payment, insurance, and other risk management services. Those who involuntarily have no or only limited access to financial services are referred to as the unbanked or underbanked, respectively.

The key word here is ”the ability”, the participants were encouraged to pay attention to the 5 Cs of credit (Character, Capital, Capacity, Collateral, and Conditions), which is a system used by lenders to gauge the creditworthiness of potential borrowers.