By Ayomide Otitoju
Wema Bank, Nigeria’s leading innovative financial institution and pioneer of Africa’s first fully digital bank, ALAT, has 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.
The agreement, signed on February 25, 2025, in Lagos, marks a significant step towards boosting the Micro, Small, and Medium Enterprises (MSME) sector by providing capacity-building programs focused on soft skills, technical expertise, and business management.
Under the partnership, Wema Bank will spearhead training sessions and provide resources to help MSMEs scale sustainably, while SMEDAN will curate the 800,000 businesses benefiting from the initiative over the next 12 to 18 months.
Speaking on the collaboration, Wema Bank’s Managing Director and CEO, Moruf Oseni, reaffirmed the bank’s long-standing commitment to SME empowerment.
“At Wema Bank, SME support is not just a buzzword—it is ingrained in our DNA. Since our establishment in 1945, we have been dedicated to bridging financial gaps for Nigerians,” Oseni said.
He highlighted the bank’s consistent efforts in supporting entrepreneurs, from small traders in the early 1900s to today’s growing MSME sector.
“We are committed to providing tailored financial solutions, visibility, mentorship, and access to markets. Through this partnership with SMEDAN, we are taking our mission a step further to create a stronger, more sustainable MSME ecosystem in Nigeria,” he added.
SMEDAN’s Director-General, Charles Odili, lauded Wema Bank’s dedication to SME development, expressing confidence in the success of the initiative.
“This partnership exemplifies how strategic collaboration can drive meaningful economic impact. We commend Wema Bank for its unwavering support in strengthening Nigeria’s MSME sector,” Odili stated.
Wema Bank has built a strong reputation as Nigeria’s SME Bank, consistently providing innovative financial solutions and capacity-building programs. Through this partnership with SMEDAN, the bank aims to reinforce its role in fostering business growth and economic development in Nigeria.
