Just my thoughts...

The definition of Small and Medium-sized Enterprises (SMEs) varies around the world. According to the Bank of Industry, SMEs are businesses that have 200 or fewer employees, NGN500mm or less in total assets and annual turnover of NGN500mm or less. Regardless of the definition, or country they reside, SMEs collectively serve as the engine for growth and development in the world. In Nigeria, PriceWaterhouseCoopers (PWC) states that SMEs are responsible for 48% of national GDP, 96% of businesses and 84% of employment.   In 2018, Nigeria surpassed India in terms of the number of people living in poverty, despite India having a population that is seven times more. The number of people living in poverty in Nigeria will rise from an estimated 82 million due to the impact of COVID-19 pandemic on the economy. According to the Nigerian Bureau of Statistics (NBS), the economic growth could fall by as much as minus 4.40% to minus 8.91%. This decline is dependent on the length of the lockdown, ...

Finance is the hub of data. Every day, millions of transactions are carried out by individuals and corporates within the Nigerian banking system, which generates an infinite pool of data. Effectively capturing and understanding the quantity and complexity of this data can be used to gain competitive advantages by the most forward-thinking banks.   The more touchpoints a Financial Service (FS) provider has, the more data the FS provider can gather. These touchpoints could be through physical interactions with the customer, i.e. branch visits or transactions carried out via mobile applications, websites, point of sale terminals and so on. However, collecting this data is not enough, which is why analytics is essential.   The goals for financial institutions are to achieve profitability, adhere to regulatory requirements, while ensuring that customer experience is at the heart of its services. At least, this is what it should be.   Data Analytics supports FS providers to ach...