Lagos: The Bank of Industry (BoI) has introduced a business clinic model designed to diagnose, treat, and rehabilitate the Micro, Small and Medium Enterprises (MSMEs) to ensure long-term growth and sustainability. The Divisional Head, Business Development, BoI, Dr. Obaro Osah, made this known at the bank’s Thrive Summit with the theme: ‘Driving Growth through Innovation and Financial Empowerment’.
According to News Agency of Nigeria, Osah noted that traditional banking often treated businesses as mere account opening and management relationships. He explained that the BoI business clinic model was created to reimagine the essence of a bank as a specialised teaching hospital. Just as a hospital requires a thorough diagnosis before treatment, the bank must analyze the structural health of a small business before injecting capital. Osah highlighted that financial distress often stems from issues in operations, strategy, or governance rather than just financial problems.
Osah pointed out the recurring issues faced by MSMEs, including restricted cash flow, poor operational structure, and lack of market access. The bank’s approach includes screening SMEs by maturity stage, assessing cash flow and liquidity, and evaluating the competitive landscape. Following these evaluations, the bank will provide advanced diagnostics, prescriptions, interventions, and rehabilitation as necessary.
The Chief Strategy and Development Officer, BoI, Dr. Isa Omagu, emphasized that MSMEs need more than just financial support to succeed. They require structure, advisory services, capacity building, and digital readiness, among other things. As part of the bank’s 2025-2027 Corporate Strategy, the business clinic aims to expand BoI’s value proposition, offering structured business advisory and project development support to deliver holistic value beyond financing.
Omagu urged MSMEs to apply the guidance received to strengthen their structure, governance, and financial management. He stressed the importance of adopting digital tools and improving internal processes to enhance competitiveness while engaging BoI as a long-term partner.
Mrs. Eniola Akinsete, Divisional Head, Sustainability, BoI, noted that adopting Environmental, Social, and Governance (ESG) principles often leads to business prosperity, despite the challenges in adoption. She affirmed BoI’s support for the adoption of ESG practices by MSMEs.
Earlier, Mr. Rotimi Akinde, Executive Director, Corporate Finance, Sustainability, and Investments, BoI, stated that the summit represented a shared commitment to building a stronger, more resilient business ecosystem in Nigeria. The business clinic offers a platform for practical knowledge sharing, enabling entrepreneurs and small business owners to gain actionable insights to overcome challenges and seize opportunities. Discussions at the summit focused on critical areas such as branding, marketing, financials, human resources, and technology.