Authors: Kabir Musa Yakubu, Bashir Ahmad Daneji, Hauwa Modu Kumshe, Mr. Gbenga Babarinde Festus
Abstract
The performance of Micro, Small and Medium Enterprises (MSMEs) is not satisfactory though, improving as observed. Among the plethora of problems bedeviling the MSMEs, lack of finance stands tall. This paper examined the efforts made by relevant stakeholders in addressing the problem of finance, existing financing opportunities and major hindrances militating MSMEs against accessing the available finances. The paper is basically conceptual; it reviewed existing literature on the issue under consideration locally and globally, after which conclusions and recommendations were provided. It was discovered that MSMEs were lacking in several areas, such as financial literacy, proper record keeping, business plan development, and registration with relevant authorities, among others. MSMEs were advised to improve on these areas, particularly the area of financial literacy, which will make them enlightened and aware of more financing opportunities around them.
Keywords: Finance, MSMEs, Non-interest Financing, Venture Capital, Crowd Funding