As I sit in my office, reviewing plans for the year ahead, I reflect on the evolution of business banking and the opportunities. The landscape of trade is changing rapidly, and entrepreneurs, like me, are constantly seeking ways to navigate these shifts effectively.
One of the key areas I have been exploring is the role that banks play in facilitating trade. The potential is immense – what if banks could provide bespoke trade solutions tailored to businesses operating within Nigeria’s unique ecosystem? Imagine a financial institution that understands the intricacies of cross-border transactions, making local and international trade seamless. This would enable businesses to unlock new opportunities and establish stronger, more confident global partnerships.
Recently, my brother, who has been importing from China for a while, connected me with a potential partner in China, which would help me source more goods for cheaper, so that I can expand my business. As I mapped out the process, I considered how much smoother it would be with a bank that offers reliable cross-border payment systems specifically designed for businesses like mine. Being able to execute transactions efficiently, without unnecessary delays or complications, would be a game-changer for importers and exporters across Nigeria.
For small and medium-sized enterprises (SMEs), the need for specialised banking solutions is more pressing than ever. We play a vital role in economic development, yet we face numerous challenges in securing the financial support necessary for expansion. Banks should provide solutions to help SMEs like mine and support us with digital platforms that make it easy to do business.
As I chart my path forward, I am reminded that banking should be more than just a series of transactions – it should be a catalyst for growth and innovation. What if banks moved beyond the traditional model and actively shaped businesses’ success?
Nigerian banks are trying, but they need to transition from the current system to a collaborative banking ecosystem that fosters trust, minimises risks, and enhances profitability for all. When financial institutions genuinely understand our journey, they can offer solutions that transform industries, grow businesses, and contribute to economic prosperity.
Traditional banking models are no longer enough in today’s dynamic business environment. By embracing innovation, digitisation, and development of tailored financial solutions, banks can play a pivotal role in shaping the future of trade and for Nigerian businesses.
Iyke Ogbodo, CEO at Helium Technologies in Lagos.