Reinforcing its reputation as an institution committed to empowering Small and Medium-scale Enterprises (SMEs), Wema Bank has undertaken an initiative to empower 800,000 Nigerian businesses, following its Memorandum of Understanding (MoU) signing with Small and Medium Enterprise Development Agency of Nigeria (SMEDAN).
SMEDAN is a national agency established in 2003 with the goal of promoting the development of the Micro, Small and Medium Enterprises (MSMEs) sector of the Nigerian economy.
The partnership with Wema Bank is focused on training MSMEs on soft skills, technical skills, and business skills, empowering them to build profitable businesses, gain more visibility and scale sustainably.
To execute the initiative, which will take course over the next 12 to 18 months, Wema Bank will provide the training and resources for the 800,000 businesses who will be curated by SMEDAN.
Commenting on the partnership, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s lifelong commitment to empowering Nigerians to thrive.
He said, “At Wema Bank, we don’t pay lip service to SME matters. From inception in 1945, Wema Bank was built with a purpose to provide financing for the indigenous people of Nigeria. It wasn’t because banks didn’t exist during those years, it was because we identified the gaps in access to finance for our people. This is why Wema Bank came to life; to provide tailored financial services and empower Nigerians to thrive on both individual and business levels.
“Over the past 8 decades, Wema Bank has been driving this lifelong mission of empowering Nigerians with access to finance, constantly reinventing to develop more efficient ways of delivering value to the people. One cardinal thing that we haven’t deviated from is that we are fully committed to empowering entrepreneurs and small businesses in Nigeria.
“The petty traders we provided for in the 1900s are the entrepreneurs and MSMEs that we continue to empower in the 2000s, and we will never relent in fulfilling this promise. So, MSME empowerment for us is not just a buzzword. It is what we have always done, what we are doing through this partnership with SMEDAN and what we will continue to do beyond 80 years.”
Commending Wema Bank’s evident commitment and key role in empowering business and stimulating growth in the MSME Sector, the Director General of SMEDAN, Charles Odili, expressed confidence in the success of this partnership with Wema Bank towards building a sustainably successful future for Nigerian MSMEs.
“I want to again, thank Wema Bank. This is a prime example of how collaboration and determination to create impact can make a positive difference. I thank you for their constant support to MSMEs and for not paying lip service to MSME Empowerment in Nigeria,” he stated.
Wema Bank has earned an admirable reputation as Nigeria’s SME Bank, going above and beyond in empowering businesses with access to finance, visibility, market access, tailored trainings, mentorship and various other forms of support.
Through this partnership with SMEDAN, Wema Bank is set to advance Nigeria’s MSME industry, building formidable Nigerian businesses and reinforcing Wema Bank’s position as the Bank that is committed to empowering MSMEs.
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