Commercial Banks Should Provide Creative and Innovative Solutions to Improve MSME Support While Operating Profitably

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The Managing Director and Chief Executive Officer of the Bank of Industry, Mr. Olukayode Pitan, in an interview with African Leadership magazine, stated that the consequence of the recession in Nigeria was a decline in credit to the private sector.

During the interview in 2019, he spoke about his career in the banking sector, the operations of the Bank of Industry in the country, and the institution’s projections. 

Mr Pitan said that the Bank of Industry, (BOI) has over the years been consistent in advocating for a more favourable business environment that encourages and makes it easier for more entrepreneurs to register their enterprises with the corporate affairs commission.  

To minimize the Lack of access to bank loans, worsened by high interest rates, Pitan said BOI had adopted a strategy of consistently seeking out partnerships with other financial institutions who can provide it with lines of credit at low-interest rates which they make available for the borrowers. 

He challenged commercial bank operators to come up with creative and innovative solutions that will see them improve their support to the private sector, especially MSMEs, whilst still operating profitably.

About Olukayoe Pitan

Mr. Pitan holds a Bachelor’s degree in Economics and Finance from the University of Ibadan, and a Master’s degree in International Management from the American Graduate School of International Management – Thunderbird, Arizona, USA.

Serving as an executive with AIESEC, while studying at the University of Ibadan, he had the opportunity and platform to work in different countries across the globe where he was exposed to habits needed for career Leadership. He is an ordained pastor of the Redeemed Christian Church of God. His career in the banking sector began in 1986, with the now-defunct Nigeria International Bank Limited where he worked as a trade officer. He has been in the sector for Over 25 years, having served top managerial positions at the various banks he had worked. 

In consolidation to the Federal government’s efforts to drive entrepreneurship growth in the country, Pitan said the Bank of Industry, since 2015, has intensified efforts to support MSMEs in the country through grants to, management of the Federal government’s TraderMoni and MarketMoni scheme, which is products under the Government’s Enterprise and Empowerment Programme (GEEP), one of the initiatives under the Social Intervention Programme (SIP), through which financial support has been provided to micro-entrepreneurs as well as provision of low-interest loans and have provided capacity-building support through its strategic partnerships with over 200 Business Development Service Providers.

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