Access to Finance and its Implications for Micro, Small and Medium Business Enterprises (MSMEs) Growth: A Case Study of Financial Institutions and Alternative Financing Channels in Nigeria

Access to Finance and its Implications for Micro, Small and Medium Business Enterprises (MSMEs) Growth: A Case Study of Financial Institutions and Alternative Financing Channels in Nigeria

Musa Mohammed, Barjoyai Bin Bardai, Mukhtar Idris Abu Baker Adam

Al-Madinah International University, Kuala Lumpur, Malaysia

DOI: https://doi.org/10.51584/IJRIAS.2024.912013

Received: 25 November 2024; Revised: 02 December 2024; Accepted: 04 December 2024; Published: 02 January 2025

ABSTRACT

This study employs a mixed-methods approach to examine the impact of alternative financing channels on the growth of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria, with a comparative analysis of traditional financial institutions. Using a combination of quantitative data analysis and thematic qualitative insights, the research explores how various financing options, including crowdfunding and angel investors, contribute to MSME development and sustainability. Secondary data were sourced from financial reports, government publications, and industry analyses, while qualitative data were gathered through interviews with MSME owners and financial institution representatives. The findings reveal that alternative financing channels significantly enhance MSME growth by providing accessible, flexible, and innovative funding solutions. Microfinance institutions help businesses overcome barriers through small-scale loans, crowdfunding platforms democratize access to initial funding and foster market validation, and angel investors provide both financial resources and strategic mentorship. However, traditional financial institutions remain essential for offering larger loans and a broader range of financial services, albeit with more stringent requirements and longer approval processes. Comparative and thematic analyses highlight the importance of a balanced financing ecosystem that integrates both traditional and alternative channels. The study recommends policy measures to promote alternative financing and enhance financial literacy among MSME owners, ensuring sustainable growth..

Keywords: Venture capital, MSME growth, microfinance banking, alternative financing, fintech innovations, angel investors, crowdfunding

INTRODUCTION

Background and Context

MSMEs are significant to the progress of numerous nations, including Nigeria. They contribute vastly to the creation of jobs, alleviation of poverty and the promotion of innovation and entrepreneurship. Despite their crucial role, MSMEs in Nigeria face substantial obstacles, particularly in obtaining finance, which impedes their growth and sustainability. The financial landscape for enterprises in Nigeria encompasses traditional financial institutions such as banks, as well as alternative financing channels like micro-based institutions, financial-technology solutions, and informal lending networks. Understanding the dynamics of these financing options is crucial for addressing the financial challenges faced by MSMEs (Ademosu, 2022).

Nigeria’s financial sector has seen considerable changes in recent years, driven by regulatory shifts, technological progress, and the rise of digitally conscious companies. These developments have created new avenues for enterprises to access financial services. However, traditional banks are still the primary source of funding for many MSMEs, despite the high-interest rates and strict collateral requirements often associated with bank loans (Babajide, Oluwaseye, Lawal, & Isibor, 2020). Alternative financing options, such as microfinance institutions and fintech solutions, offer more flexible and accessible financial products, but their reach and impact are still developing (Raimi & Uzodinma, 2020).

Problem Statement

According to a study by Adeyinka, Abdulkarim, and Odi (2019), access to sufficient finance has remained a significant barrier to the typical growth process of micro, small and medium enterprises (MSMEs) in Nigeria. Though traditional financial institutions often insist on stringent eligibility criteria as well as prolonged decision and approval processes, thus often excluding scores of MSMEs from formal credit arrangements, several alternative financing sources have recently emerged, including crowdfunding, microfinance, as well as angel investment. Their effect on MSME development is, however, poorly explored, resulting in limited knowledge regarding policy formulation that will fit together to develop effective frameworks to support. These conditions make things difficult along with the financing bridge, which further leaves the effects of recent technology yet to make the point on better financial access (Megersa, 2020; Choudhury & Goswami, 2019).

Research Aim

The main aim of this research is to assess how traditional financial institutions and alternative financing options contribute to the development of MSMEs in Nigeria.

Research Questions

1. What are the major obstacles faced by MSMEs in Nigeria in accessing funding from traditional financial institutions, and how do these barriers impact their growth?

2. How do alternative financing options compare to traditional financial institutions in terms of accessibility, cost, and their contribution to the growth and sustainability of MSMEs?

3. What strategies and policy measures can be implemented to improve MSMEs’ access to diverse financing channels and foster their growth in Nigeria?

Research Objectives

1. To identify and examine the problems faced by MSMEs in Nigeria when accessing finance from traditional financial institutions.

2. To compare the accessibility, cost, and impact of alternative financing options with traditional financial institutions on the growth of MSMEs.

3. To propose solutions, incentives and policies that can bolster access to finance for enterprises in Nigeria.

Significance of the Study

This brief study and observation illuminates the evolving financial environment for MSMEs in Nigeria, which is a crucial sector for the economic growth and development of Nigeria. Despite their substantial contribution to Nigeria’s GDP and employment, MSMEs consistently encounter difficulties in securing financing, hindering their ability to maximize their economic impact. This research offers important perspectives on the roles of traditional financial institutions and alternative financing avenues in fostering the growth of MSMEs.

LITERATURE REVIEW

Overview of Existing Literature on MSME Growth and Access to Finance and Funding

MSMEs are important to the economic growth of many nations, especially in emerging markets like Nigeria. As noted by Babajide et al. (2020), MSMEs are key contributors to job creation, innovation, and GDP growth. However, these enterprises often struggle with significant financial barriers that impede their development and sustainability. Research shows that one of the primary challenges enterprises face is limited access to formal credit markets. This is due to factors such as high transaction costs, strict collateral requirements, and the perceived high risk of lending to smaller businesses (Ademosu, 2022).

Historically, banks, which are traditional financial institutions, have been the main source of finance for enterprises. Nonetheless, many studies indicate that these institutions have not adequately addressed the financing needs of MSMEs (Ekwueme, 2019; Ndem et al., 2022). Issues such as insufficient credit histories, lack of formal documentation, and small loan sizes often deter banks from extending credit to MSMEs (Ajuwon, 2019). Furthermore, the bureaucratic and prolonged loan application processes of traditional banks pose substantial challenges for MSMEs in need of timely financial support (Olunuga, 2022). To address this financing gap, alternative financing channels have emerged as viable options for enterprises. These include microfinance-based institutions, venture capital, angel investors, and crowdfunding solutions. Microfinance institutions have been particularly effective in providing small loans to MSMEs, especially in rural and underserved areas (Abdullahi & Aminu, 2019). Fintech innovations have also transformed MSME financing by offering more accessible, flexible, and efficient financial services (Adeosun et al., 2023). However, despite these advancements, the overall impact of alternative financing on MSME growth is still not fully explored and varies across different contexts (Wajebo, 2022).

The Role of Financial Institutions in Providing Finance to MSMEs

Commercial banks, development banks, microfinance-based institutions and other financial institutions play a key role in mobilizing and allocating financial resources to foster MSME growth and development. According to Adeyinka et al. (2019), development banks have been particularly significant in providing long-term financing and technical assistance to MSMEs, enhancing their capacity for growth and innovation. Commercial banks, despite their considerable financial resources, often perceive MSMEs as high-risk borrowers due to insufficient collateral and credit history (Obieche & Ihejirika, 2021). This perception limits the willingness of banks to extend credit to smaller enterprises. Nevertheless, some banks have developed specialized MSME banking units that tailor goods and other services to meet the unique needs of these businesses, thereby improving their access to finance (Taiwo, 2019).

Certain institutions have been essential in bridging the financing gap left by traditional banks, particularly for micro and small enterprises. These institutions provide small, short-term loans with flexible repayment schedules, often without requiring substantial collateral (Sabiu & Abduh, 2021). Microfinance has been especially effective in rural areas where access to conventional banking services is limited (Esperance, 2021).
Additionally, the rise of fintech has introduced innovative financial solutions that enhance enterprises’ access to finance. Digital platforms for lending, mobile banking, and lending that are peer-to-peer have significantly lowered the barriers to obtaining credit, making it easier for MSMEs to secure the necessary funds for their operations and growth (Effiom & Edet, 2022). Fintech solutions also offer lower transaction costs and faster processing times compared to traditional banking services (Babatoundé, 2024).

Gaps in Current Literature

Although the literature that exists provides significant and vital insights, there is a need for more nuanced understanding of the specific challenges MSMEs face in accessing both traditional and alternative financing channels in the Nigerian context. Most studies focus on general trends and outcomes, but there is limited research on the distinct barriers different types of MSMEs encounter based on their size, industry, and geographic location (Ademosu, 2022).

Second, although alternative financing channels have been highlighted as viable solutions, there is a lack of comprehensive studies that compare their effectiveness relative to traditional banking systems. Understanding the relative advantages and limitations of these channels is crucial for developing targeted policies and interventions that can enhance MSME access to finance (Ekwueme, 2019).

Third, the impact of regulatory frameworks on MSME financing has not been explored enough. While regulatory policies are often mentioned as a factor influencing access to finance, detailed analyses of how specific regulations affect different financing channels and MSME types are scarce. This gap is particularly pertinent in the Nigerian context, where regulatory environments can vary significantly across regions (Taiwo, 2019). While many studies focus on immediate outcomes such as loan acquisition and short-term business performance, few examine how these financing methods impact MSMEs over extended periods.

Conceptual Model

This study’s conceptual model explores how access to finance influences the growth of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. Financial institutions—especially banks and microfinance institutions—play a pivotal role in determining how easily these businesses can secure the funding they need. The model also integrates alternative financing options, such as Islamic finance, fintech innovations, and informal savings groups, which offer additional pathways for MSMEs to raise capital.

The model centers around two primary factors: formal financial institutions and alternative financing methods. Traditional banks and similar institutions often set high barriers for MSMEs, with strict requirements like significant collateral and detailed credit assessments, making it tough for many small businesses to access loans. On the other hand, alternative financing options—such as microfinance, peer-to-peer lending, and emerging fintech solutions—are gaining traction because they tend to be more flexible and tailored to the unique needs of these smaller enterprises.

Key Variables Analyzed

The study delves into several important variables:

Access to Formal Financial Institutions: This aspect examines how traditional financial institutions, including commercial banks and microfinance banks, affect MSMEs’ ability to secure loans and credit. Factors like interest rates, collateral requirements, and credit history assessments are considered when evaluating the level of access to formal financial services.

Alternative Financing Channels: These include fintech solutions, Islamic finance, and informal mechanisms like Rotating Savings and Credit Associations (RoSCAs), which offer different ways for MSMEs to obtain funding. This variable looks at how these alternative channels can overcome the traditional barriers that often prevent businesses without established credit histories or collateral from accessing formal loans.

MSME Growth: Growth is measured through metrics such as increased revenue, employee numbers, and market reach. This variable assesses whether better access to finance—whether through formal or alternative channels—results in real, measurable improvements in the size and performance of MSMEs.

Financial Inclusion: Finally, financial inclusion examines how many MSMEs are integrated into the formal financial system. This variable focuses on the degree to which these businesses have access to essential services like credit, insurance, and savings accounts. Greater financial inclusion is expected to lead to stronger, more sustainable growth for these enterprises in the long run

RESEARCH METHODOLOGY

Research Design

A qualitative approach enables an in-depth analysis being done on the influence of both conventional and alternative financial sources on MSME development. By adopting a quantitative methodology, the research systematically examines the effects of financial accessibility on MSME performance, providing empirical data that can be broadly applied to different settings within Nigeria.

Data Collection Methods

Preliminary observation was made on the subjects. Secondary data were sourced from existing reports, research studies, and financial records related to MSMEs in Nigeria, including financial institution reports, government publications, academic articles, and industry analyses.

Sampling Technique

The study evaluates some samples of micro, small, and medium enterprises in Nigeria across several states, which will form the basis of the case studies.

Data Analysis Techniques

In examining the case studies of financial institutions and alternative financing channels in Nigeria, a variety of data analysis techniques were utilized to assess their impact on MSME growth. In addition to quantitative methods, qualitative data from interviews with MSME owners and financial institution representatives were analyzed using thematic analysis. This approach identified common themes and patterns in the participants’ experiences and perceptions, offering deeper insights into the challenges and benefits associated with different financing channels. Thematic analysis enriched the quantitative findings by adding context and understanding to the statistical trends.

Comparative analysis played a crucial role in distinguishing the effectiveness of traditional financial institutions versus alternative financing channels. This involved comparing performance metrics, such as loan approval rates and business growth indicators, across MSMEs using different types of financing. This comparative approach highlighted the strengths and weaknesses of each financing option, providing a nuanced view of their impact on MSME growth.

Justification for the Chosen Methodology

This methodology was chosen to provide evidence that is relevant and empirical on the effect of financial access on MSME growth. A quantitative approach is ideal for this study as it enables systematic measurement of variables and statistical examination of their interrelationships. By combining primary and secondary data, a comprehensive framework is established to understand the dynamics of MSME financing in Nigeria. Utilizing a stratified random sampling technique ensures that the sample accurately reflects the diverse MSME sector, enhancing the generalizability of the results. Statistical methods such as regression and hypothesis testing are particularly suitable for investigating causal relationships and determining the significance of various financing options on MSME performance.

Pilot Study

Purpose of the Pilot Study

A pilot study was conducted to assess the effectiveness of the data collection instruments and to gain preliminary insights into access to finance for Micro, Small, and Medium Business Enterprises (MSMEs) in Nigeria. The study focused on understanding the role of financial institutions and alternative financing channels in supporting MSME growth.

Methodology of the Pilot Study

Preliminary observation was made on the subjects. Secondary data were sourced from existing reports, research studies, and financial records related to MSMEs in Nigeria, including financial institution reports, government publications, academic articles, and industry analyses.

Pilot Study Results

1. Access to Traditional Financing:

a) 60% of the MSMEs reviewed reported facing difficulties in accessing loans from traditional financial institutions (commercial banks and microfinance banks). The main challenges highlighted were high interest rates and stringent collateral requirements.

b) 20% of the MSMEs had successfully secured loans from banks, though they indicated that the process was slow and cumbersome.

c) 20% had never attempted to apply for a loan due to the perceived complexity and fear of rejection.

2. Usage of Alternative Financing Channels:

a) 30% of the MSMEs had used alternative financing channels such as digital lending platforms (e.g., Renmoney, Aella Credit) and cooperative societies. These were preferred for their flexibility and quicker approval process.

b) Crowdfunding and angel investing were not popular among the businesses surveyed, with only one respondent mentioning awareness of these channels.

c) Secondary information from interviews with representatives from financial institutions revealed that digital lending platforms were increasingly seen as a viable alternative for MSMEs with little to no collateral but often come with higher interest rates than traditional banks.

3. Perceived Impact on Growth:

a) MSMEs that had accessed either traditional or alternative finance reported moderate business growth, with 50% citing an increase in their working capital and the ability to expand operations.

b) However, those without access to finance cited difficulties in scaling their business, with most relying on personal savings and informal lending circles for survival.

4. Challenges Identified:

a) MSMEs identified the lack of financial literacy and poor awareness of available financing options as significant barriers to accessing funding.

b) Financial institutions pointed out that MSMEs often lack the necessary documentation, such as financial statements, which further impedes their ability to qualify for loans.

Table 1: Summary of Pilot Study Results

Analysis

The pilot study highlighted significant barriers MSMEs face in accessing both traditional and alternative forms of financing. While traditional financial institutions remain the primary source of loans, many MSMEs struggle to meet the high collateral and documentation requirements. On the other hand, digital lending platforms are gaining traction but remain limited in reach due to high interest rates and low awareness among small business owners. The findings also suggest that alternative financing channels like crowdfunding and angel investment are underutilized, despite their potential to provide more accessible funding options.

Implications for the Main Study

Based on the pilot study results, several adjustments will be made for the main research. First, the survey instrument will be refined to include additional questions on MSMEs’ financial literacy and awareness of financing options. Secondly, the sampling frame will be expanded to cover rural MSMEs, as the pilot primarily focused on urban areas, which may not be fully representative. Lastly, further exploration into alternative financing channels, particularly digital platforms and informal lending systems, will be conducted to better understand their role in MSME growth.

FINDINGS

Analysis of the Broader Dataset Collected

The study collected a comprehensive dataset from micro, small, and medium enterprises (MSMEs) across various sectors in Nigeria, focusing on their access to finance. Data collection involved surveys, interviews, and financial reports from MSMEs in both urban and rural regions. Analysis of the dataset revealed that most MSMEs, especially micro and small enterprises, primarily rely on self-financing or informal financing sources. This pattern holds true across sectors, with only a small percentage of enterprises having access to formal financial institutions. A key insight from the data is that MSMEs in rural areas face greater difficulties in accessing finance compared to those in urban areas, which can be attributed to limited financial infrastructure and lower financial literacy levels (Adeyinka, Abdulkarim, & Odi, 2019). These findings highlight the unequal distribution of financial resources, with micro and small enterprises at a significant disadvantage.

Comparative Assessment of Access to Traditional vs. Alternative Financing

A comparative assessment of traditional and alternative financing sources shows that MSMEs are increasingly turning to alternative financing channels such as microfinance institutions, cooperative societies, and fintech platforms. The dataset indicates that while traditional banks are still the dominant source of finance for medium enterprises, smaller businesses find it challenging to meet the stringent requirements set by these banks, such as collateral and high interest rates (Obieche & Ihejirika, 2021). Many micro and small enterprises have embraced alternative financing channels due to their flexibility and accessibility. For example, microfinance institutions and rotating savings and credit associations (RoSCAs) offer less rigid borrowing terms, though their loan sizes are typically smaller (Ojukwu et al., 2021). Fintech platforms, on the other hand, are emerging as a crucial alternative for MSMEs, providing faster loan processing times and innovative lending solutions, particularly for businesses with limited credit histories (Adeosun, Shittu, & Ugbede, 2023).

Impact of Financial Access on MSME Growth Across Sectors

Access to finance plays a crucial role in determining the growth trajectory of MSMEs. The dataset shows that businesses with access to formal financial channels tend to experience faster growth in terms of sales revenue, market expansion, and workforce size (Adeyinka, Abdulkarim, & Odi, 2019; Arinzeh, 2022). The manufacturing, agriculture, and retail sectors, in particular, demonstrated the most significant correlation between access to finance and growth. MSMEs in these sectors that secured loans from formal institutions were able to invest in modern equipment, increase their production capacity, and explore new markets. Conversely, MSMEs relying solely on informal financing channels, such as personal savings or loans from family and friends, reported slower growth due to limited capital for expansion. Interestingly, fintech-financed MSMEs, particularly in the services and technology sectors, recorded the highest growth rates, attributed to the quick and flexible nature of fintech loans (Babajide et al., 2020).

Barriers to Finance and Proposed Solutions

The dataset revealed several barriers hindering MSMEs’ access to finance. One of the most significant barriers is the lack of collateral, particularly for micro and small enterprises. Traditional financial institutions often require collateral that these businesses cannot provide, making it difficult for them to secure loans (Abdullahi & Aminu, 2021). Another critical barrier is the high-interest rates associated with bank loans, which deter many MSMEs from seeking formal financial support. Additionally, a lack of financial literacy among business owners, especially in rural areas, limits their ability to navigate the financial system effectively and understand the terms of various financial products (Effiom & Edet, 2022).

Alternative financing channels, though more accessible, also present challenges. Microfinance institutions, for example, often provide loans at higher interest rates compared to banks, making it difficult for MSMEs to repay these loans and remain financially sustainable (Ojukwu et al., 2021).

Fintech platforms, while offering innovative solutions, are not immune to challenges either. MSMEs often lack the digital skills required to utilize these platforms effectively, leading to low adoption rates, particularly in less urbanized areas.

To address these barriers, the study suggests several solutions. First, policymakers and financial institutions should consider revising collateral requirements to include non-traditional forms of security, such as movable assets or group guarantees (Ademosu, 2022; Akiki, 2022). Additionally, banks could develop tailored products for MSMEs that offer lower interest rates and more flexible repayment schedules. Microfinance institutions could also play a more significant role in supporting MSME growth by offering financial literacy programs alongside their loan services, helping business owners manage their finances more effectively (Adedeji, 2021). Fintech platforms could bridge the digital skills gap by providing user-friendly interfaces and digital literacy training to MSMEs, particularly those in rural areas.

Furthermore, the government could facilitate better access to alternative financing by promoting awareness campaigns that inform MSMEs about the various financing options available to them, including microfinance, cooperative societies, and fintech solutions (Akanbi, 2021). Public-private partnerships could also be encouraged to expand the reach of fintech platforms into underserved regions, enabling more MSMEs to benefit from digital financial solutions. Lastly, regulatory frameworks need to be strengthened to support the growth of alternative financing channels while protecting both lenders and borrowers from exploitation (Karimi, 2023).

CONCLUSION

Summary of Key Findings

This study highlights the considerable influence of alternative financing channels on the growth of enterprises in Nigeria. Resources from microfinance institutions, crowdfunding platforms, and angel investors are crucial for small businesses, helping them to overcome financial obstacles and achieve sustainable growth. These alternative channels provide flexible, accessible, and innovative financing solutions that complement the traditional financial system. Additionally, the findings highlight the significance of a balanced approach to financing MSMEs. While alternative channels offer significant advantages, traditional financial institutions are still essential for providing larger loans and a wider array of financial services. A combination of both sources can effectively address the financing needs of enterprises, promoting their development and contributing to overall economic growth.

Implications for Policy and Practice

The findings suggest various implications for both policy and for practice. Governmental bodies and policymakers should aim to create a conducive environment for the growth of alternative financing channels. This includes implementing supportive regulations, offering incentives for investors, and promoting financial literacy among enterprises. Enhancing the regulatory framework for crowdfunding and angel investing can increase transparency and protect investors, thereby encouraging greater participation in these financing channels. Financial institutions should also develop tailored packages that meet the specialized needs of enterprises, which include flexible loan products, reduced collateral requirements, and streamlined application processes. By addressing the specific challenges faced by small businesses, financial institutions can improve access to finance and support the growth of MSMEs.

Recommendations for Future Research

Future research should endeavor to investigate the long-term impacts of alternative financing channels on MSME growth. Longitudinal studies could provide valuable insights into the sustainability and effectiveness of these financing methods over time. Additionally, research should explore the potential of emerging technologies to enhance access to finance for enterprises further. Another aspect for future research is the role of non-financial support in complementing financial resources. For instance, studies could examine how mentorship, training, and networking opportunities provided by angel investors and other stakeholders contribute to the overall success of MSMEs in Nigeria.

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