In a landmark move aimed at boosting the growth and development of micro, small, and medium enterprises (MSMEs) in Nigeria, Wema Bank has signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN).
This strategic partnership is poised to empower 800,000 MSMEs across the country, providing them with the necessary tools and resources to thrive in today’s competitive business.
The partnership, which will span over the next 12 to 18 months, will focus on training MSMEs on soft skills, technical skills, and business skills. This comprehensive training program will enable MSMEs to build profitable businesses, gain more visibility, and scale sustainably. Wema Bank will provide the training and resources for the 800,000 businesses that will be curated by SMEDAN.
Commenting on the partnership, Wema Bank’s Managing Director/Chief Executive Officer, Moruf Oseni, reiterated the bank’s commitment to empowering Nigerians to thrive. “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.”
The Director-General of SMEDAN, Charles Odili, commended Wema Bank’s evident commitment and key role in empowering business and stimulating growth in the MSME sector. “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.”
Wema Bank has earned a reputation for being Nigeria’s SME Bank, as it empowers businesses with access to finance, visibility, market access, tailored training, mentorship, and various other forms of support. This partnership with SMEDAN is a testament to the bank’s commitment to the growth and development of MSMEs in Nigeria.
SMEDAN is a national agency established in 2003 to promote the development of the micro, small, and medium enterprises sector of the Nigerian economy. The agency’s mandate includes providing support services, including training, financing, and business development services, to MSMEs
The partnership between Wema Bank and SMEDAN is expected to have a significant impact on the growth and development of MSMEs in Nigeria. Some of the benefits of the partnership include:
– Increased access to finance for MSMEs
– Improved business skills and knowledge for MSMEs
– Enhanced visibility and market access for MSMEs
– Increased job creation and economic
The partnership between Wema Bank and SMEDAN is a significant step towards empowering MSMEs in Nigeria. With Wema Bank’s commitment to providing access to finance and SMEDAN’s expertise in MSME development, this partnership is poised to make a positive impact on the growth and development of MSMEs in Nigeria. As the country continues to navigate the challenges of economic growth and development, partnerships like this will be crucial in driving the growth and development of MSMEs, and ultimately, the Nigerian economy.