2nd March, 2016Mike Coates

GBRW and BDO Win SME Banking Project with Bank of Industry (Nigeria)

GBRW is delighted to be a key member of a consortium contracted to support Bank of Industry in the enhancement of its proposition to Small- and Medium-sized Enterprises in Nigeria. Bank of Industry (“BOI”) is Nigeria’s oldest and largest Development Finance Institution (“DFI”), and was established in 1959. This state-owned bank has been instrumental in the advancement of industrialisation in the country, and plays a leading role in financing plant and machinery for manufacturing in particular.

BOI is seeking to play a much greater role in enhancing access to finance for Small- and Medium-sized Enterprises (“SMEs”), and has ambitious plans to grow its SME portfolio. To support this initiative, BOI has been provided with a credit line by the African Development Bank (“AfDB”) specifically for the financing of SMEs. In addition, AfDB is sponsoring a capacity building programme to develop the Bank’s SME banking capabilities.

Support will include a SME strategy diagnostic, the development of risk policies and procedures focused on SME clients, a review of the SME banking marketing strategy and product range, and the implementation of SME credit risk rating and scoring methodologies. BDO LLP, a major UK-based accounting firm, is leading the project in consortium with GBRW and local affiliates BDO (Nigeria). The consortium won the project through a highly competitive tender process and is delighted to have been selected by BOI. Strengths of the consortium include extensive credentials and experience in developing and delivering SME banking solutions, a highly experienced team of banking practitioners, and a deep pool of intellectual property on the topic.

GBRW looks forward to delivering an exceptional outcome for the client. Find out more about GBRW’s SME Banking capabilities here.