At a webinar tagged “MSMEs and access to credit”, organised by CBAN, he said easy access to credit has become imperative for MSMEs to perform their role as the engine of growth of the economy. xHe said some of the issues hindering the growth of MSMEs included lack of adequate bookkeeping, inadequate capacity to present good business plans, inadequate business presence and the challenge of providing collateral to be used to access credit. The Managing Director, Credit Registry, Jameela Sharrief-Ayedun, emphasized the need for businesses to deploy the use of technology to deepen their access to credit to expand their access to credit. She recommended that MSMEs must take cognizance of the 3Cs to get easy access to credit from financial institutions“The 3Cs include capacity, character and capital. Bookkeeping can help you to be able to demonstrate the character to have a good credit score,” she advised.

Source: The Guardian July 01, 2021 04:30 UTC