Access to finance

A persistent lack of access to financial services may hinder small enterprises or start-ups from pursuing economic transformation opportunities. This is typical of traditional financial institutions that are reluctant to serve small businesses and start-ups due to perceived high-risk exposure and high failure rates. Hence, financial innovations such as fintech are increasingly leveraged to reduce barriers to capital access for business startups. Fintech offers services and products that meet the financial needs of customers more effectively than traditional banks. End-users adopt fintech services such as mobile money accounts and digital applications for financing, payments, investments, and accessing credit. In order to achieve this, a descriptive survey research design was used in eliciting response gotten from respondents. A structured questionnaire was administered to collect data from all working staffs in all SMEs within Benin City, Edo State. While the sample size was restricted to 360 employed workers. The collected data was analyzed using the simple percentage table. In the findings, it was revealed that fintech adoption has a significant effect on access to finance among SMEs in Nigeria. It was also revealed that fintech adoption has a significant impact on the growth and performance of SMEs in Nigeria. Based on the findings, the study recommends that government agencies and fintech providers should collaborate to implement widespread financial literacy and digital skills training. This will empower users to confidently navigate fintech platforms, improving economic empowerment and financial management.

The study examines empirically the challenges faced by Micro, Small and Medium Enterprises (MSMEs) in assessing finance in Nigeria. Micro, Small and Medium Enterprises (MSMEs) play a vital role in economic transformation and industrialization both for developed and developing countries. Survey research design was employed through well-structured questionnaire of two sections which were administered to Accountants, Manager and owner) MSMEs in Egor Local Government area of Edo State. One hundred (100) questionnaire were administered to respondents out of which eighty-four (84) copies were retrieved from
the respondents and analyzed with simple percentage and statistical tool of Chi- square. The results of the analysis indicated that there are loan facilities provided for Micro, Small and Medium Enterprises (MSMEs) by financial institutions in Nigeria. Also, there is relationship between processes and procedures involved in accessing loans and Micro, Small and Medium Enterprises (MSMEs) from financial institutions in Nigeria, there are challenges associated with Micro, Small and Medium Enterprises(MSMEs) access to loans in Nigeria. Thus, the study recommends that Proper management and timely release of funds meant for SMEs by relevant bodies, formulation and implementation of appropriate policies in favour of MSMEs, building up technological capacity, knowledge flows and technology databases. Also, the operators of small scale business should operate in such a way that the commercial banks will be able improve their confidence in them and thereby see prospect in them