Wema Bank, SMEDAN agree to empower 800,000 MSMEs in Nigeria

By InstinctBusiness Mar 3, 2025 0

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 the country.

In a statement released on Friday, the bank announced that the partnership aims to provide MSMEs with training in soft skills, technical expertise, and business acumen. The initiative is designed to help businesses become more profitable, gain visibility, and scale sustainably.

As part of the agreement, Wema Bank will lead the training and provide resources, while SMEDAN will curate the 800,000 businesses that will benefit from the program. The initiative is expected to be executed over the next 12 to 18 months.

Speaking on the partnership, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, reaffirmed the bank’s long-standing commitment to supporting small businesses and entrepreneurs in Nigeria.

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“At Wema Bank, SME empowerment is not just a buzzword—it is deeply rooted in our history and mission,” Oseni said. “Since our inception in 1945, we have been dedicated to bridging the gap in financial access for Nigerians. Over the past eight decades, we have remained committed to supporting entrepreneurs and small businesses, and this partnership with SMEDAN is another step in fulfilling that promise.”

SMEDAN’s Director-General, Charles Odili, commended Wema Bank for its active role in empowering MSMEs and fostering economic growth. He expressed confidence in the success of the collaboration, emphasizing its potential to build a sustainable future for Nigerian businesses.

“This partnership is a testament to how collaboration and a shared vision can drive real impact,” Odili said. “We appreciate Wema Bank’s continued support and commitment to the growth of MSMEs in Nigeria.”