Wema Bank Plc. has reiterated its commitment to deepening financial literacy and optimisation among its customers, particularly Small and Medium Enterprises (SMEs) in the country.
In a webinar themed ‘Unbundling Tax, Legal and Compliance – Issues for SMEs’ held recently, facilitators shared insights on how SMEs can upscale their businesses and the Wema products/services they can use.
The webinar, one of the avenues the bank is using to deepen financial literacy and business optimisation across its stockholders, featured head, Legal Services, Wema Bank, Hilary Ajodo; Fiscal Policy Partner & Africa Tax Leader, Pricewater Coopers (PwC), Taiwo Oyedele; head, Online Sales & Digital Platforms, Business Day, Linda Ochugbua and Head, Corporate Strategy & Planning, Wema Bank, Olufemi Akinfolarin.
Speaking on ‘Legal Challenges Faced by SMEs, Head, Legal Services, Wema Bank, Hilary Ajodo, said business education and registration was essential for any serious-minded entrepreneur to avoid floundering.
According to Ajodo, entrepreneurs must endeavour to start small by registering their business as an enterprise before migrating to a limited liability company and finding ways of minimising expenses and maximise profit.
He advised SME owners not to; venture into businesses they are not sure of, sign any contract without adequate information, and avoid litigation as the first step in a dispute but explore alternative settlement means.
Also speaking, fiscal policy partner & Africa tax leader, PriceWaterhouse Coopers (PwC), Taiwo Oyedele, highlighted the significance of sustainable evolution of businesses and regulatory dynamics for success.
He further urged SMEs to ensure they acquire financial literacy and composite business intelligence as this will enhance understanding of tax obligations, regulatory compliance and contractual processes of businesses.