Diamond Bank Plc says Small and Medium Enterprises need to leverage on Information and Communications Technology to expand the scope of their operations.

The Head, Micro, Small and Medium Enterprises of the bank, Mr. Chima Nnadozie, who stated this, explained that rather than lack of capital, most business failed because of lack of ICT knowledge.

Nnadozie, who spoke at the 44th Business Xpress Enterprises Series organised by the bank for customers and non-customers in Port Harcourt, told participants at the seminar to embrace the opportunity the Internet was providing to expand their businesses.

He said the seminar had assisted customers and non-customers of the bank to realise that they could obtain loans without collateral.

Describing the programme as the bank’s platform to grow MSMEs, Nnadozie said the bank was going round the country to spread the message of how businessmen and women could benefit from the ICT.

He said, “The programme is a platform Diamond Bank is using to improve micro, small and medium enterprises, where we share and expose our micro, small and medium clients, customers and non-customers of the bank to all the opportunities that exist within Diamond Bank and in the world of business.

“It is also a platform to show customers and non-customers how to improve their businesses generally; we discuss the ICT and how every small and medium business can benefit from it.

“It is a platform that we have continued to develop. So, this is the 44th we are going round the country from city to city, spreading this message and getting the SMEs customers improved because when they improve, we improve.

“Through this programme, customers have improved significantly. In some cases, they didn’t know they could borrow without collateral; not only are they learning that they can borrow, they have also found out that those who have attended this session are now better borrowers.”

Nnadozie noted that customers had begun to realise that they needed to pay back when they borrow money, adding that the programme provided a way of improving customers’ capacity.

He described the SMEs sector as an important aspect of the nation’s economy, while also maintaining that the sector had been generating wealth and employment for the people.

“If the impact was not tremendous, we won’t continue to do it for the 44th time. We are doing it because the feedback had always shown that it was possible,” he said.