Diamond Bank Plc, has charged operators of Micro, Small and Medium Enterprises (MSMEs) to be financially disciplined and assume strict corporate financial management in the running their companies.
The bank said adoption of such discipline would help them keep going with forward looking rapid growth and development of the sector.
Head, Retail Directorate of the bank, Aisha Ahmad who gave the advise at the 58th edition of the Diamond BusinessXpress Series in Lagos, argued that the only way MSMEs can balance with the current economic challenges and gain the confidence and active support of the financial services sub-sector is to manage and grow their finances through holding on to high corporate standards.
According to her, financial stability and sustainable growth for entrepreneurs in MSME in the country would not achievable if standards of financial management are lowered, pointing out that most MSMEs are likely to have chronic financial problems when personal financial discipline is relegated.
The BusinessXpress Seminar is an initiative of Diamond Bank Plc which aims to cater for the business and financial well-being of our customers and indeed, interested players in the MSME sector of the economy. Sustainable growth and development of the sector largely depends on financial discipline and proper business management practices. When standards are not followed, problems are bound to come up and stifle the growth of the business.