Wema Bank has taken a significant step forward in supporting Nigeria’s entrepreneurs by signing a Memorandum of Understanding with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN). This partnership aims to empower a staggering 800,000 micro, small, and medium enterprises (MSMEs) across the country. By working together, both organizations are set to provide essential training and resources that can help these businesses improve their skills and increase their chances of success in the competitive marketplace.
The focus of this initiative is multifaceted. Wema Bank and SMEDAN plan to provide training on several important skills, including soft skills, technical skills, and business skills. Soft skills, which include communication and teamwork, are essential for managing relationships and engaging effectively in the business world. Technical skills refer to the specific knowledge and abilities needed to perform particular tasks, while business skills involve understanding the fundamentals of running a successful enterprise. By offering training in these areas, the partnership aims to equip MSMEs with the tools they need to build profitable businesses and establish a stronger presence in their respective markets.
The program is designed to unfold over the next 12 to 18 months, during which Wema Bank will leverage its experience and resources to deliver high-quality training to the 800,000 businesses identified by SMEDAN. This collaboration represents a practical approach to addressing the challenges faced by many small businesses in Nigeria, ranging from inadequate business knowledge to lack of access to funding. By working together, Wema Bank and SMEDAN are hopeful that they can create a more supportive environment for entrepreneurial growth.
Moruf Oseni, the Managing Director and CEO of Wema Bank, expressed the bank’s long-standing commitment to empowering Nigerians. He emphasized that from its inception in 1945, Wema Bank was dedicated to providing financial solutions tailored to the needs of indigenous Nigerians. Oseni highlighted that the decision to start the bank was rooted in recognizing the financial gaps that existed at the time. By focusing on empowering individuals and businesses, Wema Bank aims to help Nigerians thrive economically.
Oseni further reiterated that Wema Bank’s commitment to supporting small and medium enterprises has not wavered in the 80 years since its founding. The bank’s mission has consistently involved finding new ways to deliver value and support to entrepreneurs. This includes adapting to the changing business landscape while remaining true to its foundational purpose of providing finance to help Nigerians start and grow their businesses.
In praising Wema Bank for its ongoing efforts, Charles Odili, the Director-General of SMEDAN, expressed optimism about the partnership’s potential impact. He referred to it as a prime example of how collaboration can lead to positive change in the MSME sector. Odili thanked Wema Bank for its continuous support and for committing to empower small businesses in Nigeria, rather than simply paying lip service to the cause.
Wema Bank has earned a reputation as Nigeria’s go-to bank for small and medium enterprises. Beyond providing financial support, the bank offers essential services such as market access, tailored training programs, mentorship, and visibility for businesses. This comprehensive approach aims to create a conducive environment for MSMEs to flourish and contribute significantly to the Nigerian economy.
Finally, it is important to recognize that SMEDAN plays a crucial role in promoting the growth of the MSME sector in Nigeria. Established in 2003, the agency’s mission aligns closely with Wema Bank’s objectives, making this partnership a strategic move towards building a robust and sustainable future for small businesses in the country. Together, they are paving the way for a vibrant entrepreneurial ecosystem that benefits not only individual businesses but also the broader Nigerian economy.
