As part of efforts to boost the nation’s economy, a leading digital-led microfinance bank, Kolomoni MFB, has partnered with the Corporate Affairs Commission (CAC) to directly register Micro, Small, and Medium Enterprises (MSMEs) businesses.
The Chief Business Officer at Kolomoni MFB, Dr Femi Sekoni, who made this known, explained that the partnership is expected to empower millions of Nigerians through direct registration of MSMEs with Kolomoni MFB to streamline business registration processes.
He said the unprecedented will foster economic growth, ensure alignment with regulatory compliance, and provide SMEs with access to capital that will enable them to unlock their potential, contribute significantly to job creation, and drive shared prosperity.
According to him, the partnership will also eliminate the need for lengthy paperwork, thereby increasing businesses’ access to meet regulatory requirements anywhere.
Speaking on the bank’s plan for Q3 following its change of name from Cintrust Microfinance Bank to Kolomoni MFB, Sekoni said: “Our collaboration with the CAC aims to address one of the critical challenges business owners face by simplifying the registration process and removing major hurdles for entrepreneurs across Nigeria.
“This partnership not only aligns with the CAC and CBN directive to enhance transparency and compliance, but it also represents our commitment to empowering African businesses and individuals as their money partners as we kickstart our key initiatives for Q3 following the CBN’s approval to rebrand as Kolomoni MFB.”
Speaking on the development, the bank’s Head of Business Banking, Mr Babajide Adebayo, stated that “as we continue to provide seamless banking and payment solutions to businesses in Nigeria, we also believe that innovative partnerships such as this offer significant benefits for Nigerian business owners as we’re contributing to the formalisation of Nigeria’s fintech sector.
“We believe this will improve access to finance, better business practices, and overall sustainable economic growth.
“We aim to transform Africa’s economy through innovative businesses that drive inclusive growth and prosperity for Africans in Africa and beyond.”
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