By Our Reporter
The Africa Export Import Bank (Afreximbank) has disclosed that despite micro, small and medium enterprises (MSMEs) constituting over 95 per cent of African businesses, they remain in the shadows of formal finance with a staggering $330 billion funding gap.
The Group Chief Economist, Afreximbank, Dr. Yemi Kale, made this known in his keynote at the G-20 SME Finance Forum 2025 in Johannesburg.
Kale called for a bold re-imagining of global MSME finance and urged policymakers, financiers and entrepreneurs to build a financial architecture that is inclusive, resilient and fit for Africa’s 21st century.
He listed the obstacles to include information opacity, collateral dependency, policy incoherence, high cost of capital, weak digital infrastructure and entrepreneurial skills gap, which continue to limit MSME growth and competitiveness.
Noting that Afreximbank is acting as an ecosystem builder, he said, it is providing tailored trade and project finance, equity and venture support through FEDA, trade facilitation infrastructure, entrepreneurship and compliance training and targeted instruments for women and youth-led SMEs.
In another development, Sterling Bank has named the first 99 beneficiaries of its N2 billion Beyond Education Scholarship Fund aimed at widening access to higher education in Nigeria.
The announcement came at the Sterling Leadership Series (SLS) held recently in Lagos, where the bank signaled a push to reimagine education as the driver of national transformation.
Chief Operating Officer of Sterling Bank, Temitayo Adegoke, said the unveiling reflected the bank’s commitment to using education as a tool for transformation.
“At Sterling, we see education as the most powerful tool for transformation. We have invested, and will continue to invest, in programs that extend access to quality education and create pathways for real-world opportunities”, she said.
Managing Director and Chief Executive of Sterling Bank, Abubakar Suleiman, said the scheme falls under the bank’s HEART strategy, which also prioritises health, agriculture, renewable energy and transportation.
“Our young people have the talent, the curiosity, and the courage. What they need are the right opportunities, and we are creating the platforms, the tools, and the pathways to unlock Nigeria’s greatest dividend: its people”, he said.
The event featured contributions from stakeholders in the education sector, including uLesson and Miva University founder Sim Shagaya, Nigerian Universities Commission Deputy Director Dr Ayoteju Ogun, and Sterling Bank’s Chief Entrepreneur, David Adebayo.
They challenged Africa to move past traditional education and embrace creativity, adaptability and lifelong learning for growth.
The bank said the scholarship will support multiple cohorts, with applications for the next round now open on its website.