June 04, 2014 By Oyetunji Abioye/Punch

The Guaranty Trust Bank Plc says it is committed to promoting Small and Medium Scale Enterprises in the country.

As a result, the bank has introduced an e-commerce business portal aimed at stimulating the expansion and competitiveness of the SMEs in the country.

The lender said the platform, called ‘The SME Market Hub’, offered businesses the chance to display their products online and at no cost.

The platform, according to the bank, also gives customers the opportunity to purchase products online, among other benefits.

According to a statement by the bank, the hub has been designed to accommodate every sector of the economy.

The statement said, “The e-commerce and business directory portal is part of GTBank’s strategy to empower and support Nigerian SMEs and also contribute to the growth and development of the Nigerian economy.

“The portal is designed to enable Nigerian entrepreneurs migrate their businesses online and take advantage of the vast international and local sales opportunities within this space.

“SME owners will also have access to a wide variety of business tools that will enhance profitability as well as a community that will allow them forge relationships with other business owners.”

The statement quoted the bank’s Chief Executive Officer, Mr. Segun Agbaje, as saying, “There is no getting away from the fact that economic conditions remain challenging for small and medium scale enterprises in Nigeria.

“It is, however, vital that this integral sector of the economy gets all the support it needs to drive growth and development. E-commerce is widely acknowledged as a powerful tool for fully enhancing business possibilities as it opens up a world of businesses to customers and a world of customers to businesses.

“The speed, efficiency and convenience with which transactions can be completed are distinct advantages that e-commerce has over traditional means of transacting business”

According to Agbaje, with the introduction of the SME Market Hub, GTBank has provided SMEs an e-commerce platform that allows SMEs owners to create and maintain an online presence and expand their business frontiers to new markets and millions of buyers that are online.