Micro, small and medium enterprises (MSMEs) are businesses defined based on its size of investment, minimal fixed asset, localization in its area of operation and crude structure of management. They have been recognized to be a country’s engine of growth by developing a country’s economy, provision of semi-skilled & unskilled employment opportunities, contributing to exports, increasing the production sector and also raw materials/goods supply; more especially in developing countries like Nigeria. In Ghana, MSMEs are believed to have contributed about 70% of its GDP and about 92% of its businesses. MSMEs are quite easy to setup since it doesn’t require large capital outlay and it’s managed by its owner. MicroSave is an international financial inclusion firm that has been enhancing MSMEs worldwide by giving them financing.
Financial service industries deal with money management and have the highest earnings and equity market capitalization globally. They take part in the important and crucial responsibility in the world economy where they move money/funds from the surplus entities to the deficit ones. Financial services industry’s clients include individuals, businesses, nonprofit organizations and agencies of government and it comprises of firms that engage in lending, investing, securities trading, securities issuance and insurance.
Self impacted challenges on MSMEs:
There a lot of problems that the micro, small and medium enterprises (MSMEs) inflict on themselves. In our opinion, it could be regarded as part of the non-financial problems and problems they can control, tackle or mitigate. Some of these problems include:
• Ineffective management capacity: This has to do with the inefficacy of an owner/manager of a business to plan, organize, coordinate and control resources of his/her business to attain its objective and excellent results. This happens mostly because business owners/managers prefer making decisions and manage funds concerning the business themselves.
• Shell life: in some MSMEs, the death of an owner automatically signifies death of a business/organizations in that the owner does the business plan, finance and controls all aspects of the business. The owner keeps the business aspects to himself including debtors, sources of supplies and never engages an alien in his business.
• Little or no research: MSMEs face a huge problem of their inability to conduct researches thus, the collated incorrect data for decision making turns out catastrophic to the business. The phrase ‘Information is Power’ is quite important, it could also be concerned a commodity here. Attaining the right and accurate information by a business could lead to overcoming processes of undergrowth ; lack of innovation and it also helps the business to measure its success and profitability.
• Limited range of products: This mostly has to do with MSMEs not willing to take a risk of expanding their business and introducing new products into the market.
• Poor marketing techniques: Marketing is essential for an organization’s survival because it needs to identify the customers’ needs and satisfy those needs. Marketing generally helps owners/managers to deduce the size of the markets, choose target markets and implement tactics to satisfy the chosen markets. Kotler and Armstrong (1991) believed that managers of small businesses often think that research can only be done by experts in large companies/organizations and large research budgets not knowing they could obtain quality marketing information by perceiving their surroundings and conduct surveys using small convenient samples.
• Another key issue here is Nigerians fondness for foreign products which is mostly based on factual bias against Nigerian products and not actual bias.

Importance of MSMEs:
MSMEs contribute to the growth of the economy and are quite easy to start up. They play a major role in providing employment opportunities and income creation in Nigeria. Investing and helping MSMEs to expand will play a great deal in solving the catastrophe of unemployment and ineffective distribution of income amongst states. MSMEs have a way of having excellent relationships with their customers, which helps businesses to grow. Customers tend to get attached to specific products and brands because of trust and they got first hand experience with them.