Wema Bank Partners with SMEDAN to Empower 800,000 Nigerian MSMEs
In a major step towards fostering entrepreneurship in Nigeria, Wema Bank has officially signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to empower 800,000 small businesses across the country.
This strategic collaboration is aimed at equipping Micro, Small, and Medium Enterprises (MSMEs) with essential soft skills, technical expertise, and business acumen, enabling them to build sustainable and profitable ventures, enhance their visibility, and scale their operations effectively.
To bring this initiative to life over the next 12 to 18 months, Wema Bank will take the lead in delivering training programs and providing the necessary resources, while SMEDAN will be responsible for curating the 800,000 MSMEs that will benefit from the initiative, according to a statement released by the bank.
Wema Bank Reaffirms Commitment to Entrepreneurial Growth
Speaking about the partnership, Wema Bank’s Managing Director and CEO, Moruf Oseni, emphasized the bank’s long-standing dedication to economic empowerment. He stated:
“For over eight decades, Wema Bank has remained steadfast in its mission to provide financial access and empower Nigerians. We have continuously evolved, developing more efficient ways to create value and support businesses. However, one fundamental principle has remained unchanged—we are deeply committed to entrepreneurs and MSMEs in Nigeria.”
He further noted that the bank has been supporting small businesses for generations, highlighting its unwavering dedication to this cause:
“The petty traders we assisted in the 1900s have grown into the MSMEs we continue to support in the 2000s. Our commitment to empowering small businesses is not just a trend; it is a core value of Wema Bank. This collaboration with SMEDAN is an extension of our long-standing mission, and our resolve to support entrepreneurs will continue beyond 80 years and into the future.”
SMEDAN Expresses Confidence in the Initiative
On his part, SMEDAN’s Director-General, Charles Odili, expressed optimism about the partnership’s potential to transform Nigeria’s business landscape. He affirmed that the collaboration with Wema Bank will play a significant role in shaping a sustainable and successful future for the country’s MSMEs, reinforcing the importance of equipping them with the right skills, tools, and opportunities to thrive.
This initiative marks yet another milestone in Wema Bank’s legacy of empowering entrepreneurs, reaffirming its position as a pioneer in SME development and a key driver of economic growth in Nigeria.
