“Centre set up to help SMEs innovate”
: MyFinB appointed to ignite change in Ivory Coast ecosystem
Ivory Coast, 20th May 2018 – Ivorian SMEs can now turn to a dedicated Centre to help them transform their business – thanks to MFB’s recent collaboration with the national body for SME development in Ivory Coast, Federation Ivoirienne des Petites et Moyennes Entreprises(FIPME).
SMEs have long since been identified as a driving force in the Ivorian economy’s expansion. Nevertheless, SMEs in Ivory Coast are facing numerous problems in terms of access to financing and access to private & public markets. 8 out of 10 SMEs applying for loans are rejected due to the fact that they lack proper financial transparency and structure.
FIPME has under its patronage over 20 000 SME members and has made it a primary objective to aid the latter in gaining better access to the financial markets.
During a visit to Singapore, the President of FIPME, Dr. Joseph Boguifo has signed an agreement with MyFinB pertaining to the set-up of an SME Innovation Centre in Ivory Coast, with a heavy focus placed on SME lending.
M Nazri, CEO of MyFinB Holdings went on record to state that:
“The Centre’s main objectives are two-fold; firstly to focus on strengthening SMEs’ abilities in 5 key areas namely; internalization, integration, innovation, investments and internationalization. Secondly, the Centre would enable SMEs to have a better access to the markets by connecting them to experts & advisors, presenting them with funding opportunities and enable them to network by connecting them to the right businesses and corporations.”
The set up of an SME Centre of Innovation would not only promote the growth and internationalization of local SMEs but also expand the Ivorian economy as a whole. This is the first step in infusing African nations with technology-driven expertise and solution that could propel the latter to be more competitive on an international level.
MyFinB sets out the vision of helping more than 100m businesses worldwide make sense of their financial statements using its proprietary Artificial Intelligence (AI) and Natural Language Generator (NLG) engines. With regional headquarters in Singapore, Malaysia and UK, it serves four segments (financial institutions, accounting and consultancy firms, government agencies and enterprises) globally – and help them achieve higher productivity, lowered risks and better shareholder value.
For more details, please visit www.MyFinB.com and email: corpcomms@MyFinB.com.