At the inaugural Micro Small and Medium Enterprises (MSME) Award Night, Zenith Bank was honored with the MSME Trade Finance award.

The MSME Awards, organized by Nairametrics in collaboration with the Economic Forum Series, took place on Friday, September 27, 2024, at the Civic Centre Towers in Victoria Island, Lagos.

This event was established to acknowledge and celebrate organizations that have significantly influenced the MSME sector in Nigeria.

The "MSME Award for Trade Finance" category highlights organizations, financial institutions, or programs that have excelled in delivering trade finance solutions to MSMEs. In this edition, Zenith Bank, United Bank for Africa, and Eco Bank were nominated as finalists.

Among the three finalists, Zenith Bank was declared the winner, showcasing excellence in providing trade finance products and services tailored for MSMEs through its SME Grow My Business (SME-GMB) initiative. Anthony Akindele Ogunranti, Executive Director of Zenith Bank, accepted the award during the ceremony.

In his address, Ugodre Obi-Chukwu, CEO and Founder of Nairametrics, emphasized the importance of Small and Medium Enterprises (SMEs) to Nigeria's economy, stating that they contribute nearly 50% to the GDP and employ over 80% of the workforce. With more than 41 million SMEs in Nigeria, they embody the innovation, resilience, and determination that drive the nation forward. However, he acknowledged that many still encounter significant obstacles, particularly in accessing finance, highlighting the need for a more supportive ecosystem.

He further remarked that the nominees for the award were chosen through a rigorous selection process to ensure that only the most deserving candidates were recognized.

Numerous financial institutions were present at the awards night, including Mastercard, Heirs Insurance Group, Eco Bank, Airtel, NASD, Jaiz Bank, VFD Microfinance Bank, CIS, NGX, Polaris, ETranzact, among others.

Mr. Tola Adekunle Johnson (TAJ), the Senior Special Assistant to the President on Job Creation & MSMEs, also attended the event.

This gathering underscores the dynamic nature of the Micro, Small and Medium Enterprises sector in Nigeria and highlights the importance of continuing this award.

Trade finance encompasses a range of financial products and services that support both international and domestic trade. These offerings include letters of credit, export financing, import loans, guarantees, and supply chain finance. 

The MSME Award for Trade Finance recognizes organizations that have successfully created and implemented trade finance solutions specifically designed for MSMEs in Nigeria, allowing them to engage more fully in both global and local markets, effectively manage cash flow, and reduce risks associated with trading activities.