Wema Bank has entered into a strategic partnership with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) through the signing of a Memorandum of Understanding (MoU), with the goal of empowering 800,000 micro, small, and medium enterprises (MSMEs) across Nigeria. The initiative, which is expected to last between 12 to 18 months, is designed to offer entrepreneurs access to training and essential business development resources. The program aims to enhance the capabilities of these businesses by equipping them with valuable soft skills, technical expertise, and strategic business knowledge, thereby helping them to establish profitable enterprises, increase their visibility, and scale sustainably.
As part of the agreement, Wema Bank will be responsible for providing the necessary training and resources, while SMEDAN will identify and curate the MSMEs that will benefit from the initiative. Wema Bank’s Managing Director and CEO, Moruf Oseni, expressed the bank’s dedication to supporting the growth of SMEs and reaffirmed the institution’s long-standing role in bridging financial gaps for Nigerian entrepreneurs.
Oseni shared that the bank’s commitment to the empowerment of SMEs is unwavering. “At Wema Bank, we don’t just talk about supporting SMEs; we take tangible steps to make a real impact. Since our establishment in 1945, our mission has always been to offer tailored financial solutions for Nigerians. Over the last 80 years, we have continuously adapted and innovated to provide enhanced support to businesses. This partnership with SMEDAN represents an ongoing commitment to this mission,” he stated.
He further emphasized that Wema Bank’s history of supporting small businesses dates back to its early years, noting that the bank has consistently served the needs of entrepreneurs, from small traders in the early 1900s to today’s thriving MSMEs. Oseni assured that the bank’s dedication to nurturing entrepreneurship will continue well beyond its 80-year legacy.
Charles Odili, the Director-General of SMEDAN, lauded Wema Bank for its active involvement in fostering business growth and expressed confidence in the potential of the partnership to generate a meaningful, long-term impact. “This collaboration is a perfect example of how working together and staying focused on a common goal can lead to significant positive outcomes. Wema Bank has been a steadfast supporter of MSMEs, and we are excited about the immense possibilities this initiative will bring to Nigerian entrepreneurs,” Odili said.
Wema Bank, widely recognized as Nigeria’s SME Bank, has built a stellar reputation for its comprehensive support of businesses, offering services such as financing, training, mentorship, market access, and visibility. SMEDAN, established in 2003, continues to play a crucial role in advancing the MSME sector in Nigeria by promoting entrepreneurship and fostering business sustainability.
This partnership is a significant demonstration of both organizations’ commitment to bolstering the Nigerian economy by equipping MSMEs with the tools, skills, and knowledge necessary to thrive in an increasingly competitive business environment.
