Wema Bank has signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) to aid and empower 800,000 micro, small, and medium enterprises (MSMEs). This well thought out partnership is designed to provide training, financial access, and resources that will drive business growth and sustainability across Nigeria.
Wema Bank’s Commitment to MSME Development
According to a statement released on Friday, Wema bank’s partnership aims to equip MSMEs with soft skills, technical expertise, and business acumen, giving them the ability to operate more efficiently, enhance profitability, and scale their ventures successfully.
The initiative implemented by Wema Bank is scheduled to run for a period of 12 to 18 months, and provide training and essential resources, while SMEDAN will curate and oversee the participation of the 800,000 businesses.
A Legacy of Financial Inclusion and Business Growth
Wema Bank’s Perspective
Moruf Oseni, Wema Bank’s Managing Director and Chief Executive Officer, emphasized the bank’s long-standing dedication and committment to SME growth in Nigeria.
According to Moruf Oseni, since our establishment in 1945, we at Wema Bank have always prioritized SMEs. We have been focused on bridging financial gaps for Nigerian businesses and this partnership with SMEDAN is another step in fulfilling our mission to empower entrepreneurs as well as small businesses to thrive in today’s economy.”
The Wema bank’s MD & CEO further stated that over eight decades, The bank has continuously evolved to meet the financial needs of businesses by developing innovative solutions and customized financial services.
SMEDAN’s Endorsement
Charles Odili, the Director-General of SMEDAN, expressed confidence in Wema Bank’s dedication to MSME development, stating:
“This partnership is a testament to Wema Bank’s unwavering support for small businesses in Nigeria. We are confident that this collaboration will drive meaningful economic impact and create sustainable growth opportunities for MSMEs across the country.”
Why This Partnership Matters for Nigerian Entrepreneurs
With over 41 million MSMEs contributing tremendously to Nigeria’s GDP, financial and skill-based support is necessary for their survival and expansion. This initiative will provide entrepreneurs with:
- Financial Access: Tailored and customized banking solutions for SMEs
- Business Training: Workshops on business management, marketing, and digital transformation
- Networking & Visibility: Exposure to markets and potential investors
- Sustainability Strategies: Guidance on scaling operations effortlessly
Wema Bank: A Leader in SME Support
Wema Bank has solidified its reputation as Nigeria’s leading SME bank, providing mentorship, financial products, as well as market access to businesses across various sectors in the country. The bank’s continued investment in technology and innovation, such as ALAT for Business, has enabled seamless banking experiences tailored to SMEs.
Conclusion
The Wema Bank-SMEDAN partnership signifies a significant boost for Nigerian MSMEs, reinforcing their commitment to fostering business development and economic growth. Entrepreneurs looking to benefit from this initiative are encouraged to stay updated on participation details through Wema Bank’s official channels.
For more information, visit Wema Bank’s official website or follow their social media pages for updates on upcoming training and support program