Wema Bank Deepens Financial Literacy For Smes

<p><em>Wema Bank Deepens<&sol;em><br &sol;>&NewLine;<strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a> <&sol;strong>reports that Nigeria&&num;8217&semi;s leading innovative bank&comma; Wema Bank Plc&comma; has again demonstrated its commitment to deepening financial literacy and optimisation among its customers&comma; particularly SMEs&comma; with awebinar themed &&num;8216&semi;Unbundling Tax&comma; Legal and Compliance &&num;8211&semi; Issues for SMEs&&num;8217&semi; held on Thursday&comma; May 20&comma; 2021&period; It featured facilitators who shared insights on how SMEs can upscale their businesses and Wema products&sol;services they can use&period;<&sol;p>&NewLine;<p>The webinar&comma; one of the avenues the bank is using to deepen financial literacy and business optimisation across its stockholder universe&comma; featured Head&comma; Legal Services&comma; Wema Bank&comma; Hilary Ajodo&semi; Fiscal Policy Partner &amp&semi; Africa Tax Leader&comma; Pricewater Coopers &lpar;PwC&rpar;&comma; Taiwo Oyedele&semi; Head&comma; Online Sales &amp&semi; Digital Platforms&comma; Business Day&comma; Linda Ochugbua and Head&comma; Corporate Strategy &amp&semi; Planning&comma; Wema Bank&comma; Olufemi Akinfolarin&period;<&sol;p>&NewLine;<p>Speaking on &&num;8216&semi;Legal Challenges Faced by SMEs&&num;8217&semi;&comma; Ajodo said that business education and registration was essential for any serious-minded entrepreneur to avoid floundering&period;<&sol;p>&NewLine;<p>He said that to thrive&comma; &&num;8220&semi;one of the first steps an entrepreneur who intends to run a business should take is to gain adequate knowledge of the business and decide on the nature of corporate entry to register&period;&&num;8221&semi;<&sol;p>&NewLine;<p>Ajodo said that entrepreneurs must endeavour to start small by registering their businesses as an enterprise before migrating to a Limited Liability Company and finding ways of minimising expenses to maximise profit&period;<&sol;p>&NewLine;<p>He advised SMEs owners not to venture into businesses they are not sure of&comma; sign any contract without adequate information&comma; and avoid litigation as the first step in a dispute but explore alternative settlement means&period;<&sol;p>&NewLine;<p>Ajodo added that they should get insurance for their business assets&comma; adequately prepare for unforeseen trends by diversifying their business stream of income and being prepared for government policies that may affect any business&period;<&sol;p>&NewLine;<p>Wema Bank&&num;8217&semi;s Head of Legal Services further advised them to obtain loans only from legitimate sources&comma; ensure they have a clearly stated business plan for profit maximisation&comma; and join like-minded business associations&period;<&sol;p>&NewLine;<p>He urged SMEs to avoid capital mismatch and approach Wema Bank as the best option to access business capital facility&period;<&sol;p>&NewLine;<p>Also speaking&comma; Taiwo Oyedele of PWC highlighted the significance of sustainable evolution of businesses and regulatory dynamic for success&period;<&sol;p>&NewLine;<p>He said that &&num;8220&semi;As an entrepreneur&comma; you must think about how you grow your brand beyond you by keeping your eyes open for opportunities&&num;8221&semi;&period;<&sol;p>&NewLine;<p>He further urged SMEs to ensure they acquire financial literacy and composite business intelligence as this will enhance understanding of tax obligations&comma; regulatory compliance and contractual processes of businesses&period;<&sol;p>&NewLine;<p>Oyedele stressed the need for documentation and record-keeping of business transactions&comma; noting that &&num;8220&semi;Always keep your receipts and other confirmation of business relationships as evidence&comma; and copy requisite institutions in case of litigation&&num;8221&semi;&period;<&sol;p>&NewLine;<p>Head&comma; Online Sales &amp&semi; Digital Platforms&comma; BusinessDay&comma; Linda Ochugbua moderated the webinar while Head&comma; Corporate Strategy &amp&semi; Planning&comma; Wema Bank&comma; Olufemi <a href&equals;"https&colon;&sol;&sol;www&period;reuters&period;com">Akinfolarin<&sol;a>&comma; delivered the vote of thanks&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;