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For a small business in Nigeria, securing a bank loan has long felt like trying to step through a moving doorway.
Commercial banks mobilise deposits, and the Central Bank of Nigeria (CBN) urges them to extend credit, yet formal lending to small businesses remains low.
According to World Bank data, micro, small, and medium-sized enterprises (MSMEs) form the backbone of the economy, accounting for the vast majority of businesses, nearly half of national GDP, and most employment. Yet fewer than one in 20 MSMEs can access formal bank credit due to entrenched structural barriers.
Originally published by TechCabal.