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Wema Bank has signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) to empower 800,000 micro, small, and medium enterprises (MSMEs) across Nigeria.
For further information, read more details here
The partnership, which will span 12 to 18 months, aims to provide training and resources to MSMEs, enabling them to build profitable businesses, gain visibility, and scale sustainably. Wema Bank will provide the training, while SMEDAN will curate the 800,000 businesses that will benefit from the initiative.
Commenting on the partnership, Wema Bank’s Managing Director/Chief Executive Officer, Moruf Oseni, said: “At Wema Bank, we don’t pay lip service to SME matters. From its inception in 1945, Wema Bank was built with the purpose of providing 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.”
Oseni reiterated Wema Bank’s long-standing commitment to empowering entrepreneurs and small businesses in Nigeria. “Over the past eight 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.
He further stated, “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.”
The Director-General of SMEDAN, Charles Odili, commended Wema Bank’s commitment to empowering MSMEs. “I want to again thank Wema Bank. This is a prime example of how collaboration and determination to create an impact can make a positive difference. I thank them for their constant support of MSMEs and for not paying lip service to MSME empowerment in Nigeria.”
For further information, read more details here
Wema Bank has earned a reputation as Nigeria’s SME Bank, providing businesses with access to finance, visibility, market access, tailored training, mentorship, and other forms of support. SMEDAN is a national agency established in 2003 to promote the development of the MSME sector in Nigeria.
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