EFInA urges SMEs to explore alternative funding options beyond bank loans
EFInA CEO Foyinsolami Akinjayeju advises SMEs to explore alternative funding options beyond conventional bank loans.
In Brief
- •EFInA CEO Foyinsolami Akinjayeju advises SMEs to explore alternative funding options beyond conventional bank loans.
- •Only about 10% of Nigerians have accessed formal credit, highlighting the need for improved financing access.
- •EFInA outlines seven alternative funding options, including customer advances, asset leasing, and invoice financing.
- •SMEs are urged to consider their business stage, cash flow, and growth ambitions when choosing financing structures.
Why It Matters
Access to capital is crucial for the growth and sustainability of small and medium-sized enterprises (SMEs). By exploring alternative funding options, SMEs can avoid excessive debt and ensure they receive the right kind of capital for their specific needs. This can lead to improved business operations, increased employment opportunities, and overall economic growth.
Key Details
- Percentage of Nigerians with formal credit access
- 10%
- Number of alternative funding options outlined by EFInA
- 7
Context & Background
EFInA's A2F 2026 findings highlight the limited access to formal credit in Nigeria, emphasizing the need for SMEs to explore alternative financing options to support their business growth.
Original Reporting & Sources
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