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Wema Bank has inked a groundbreaking Memorandum of Understanding (MoU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). The deal will empower 800,000 Nigerian businesses through enhanced training in soft skills, technical skills, and business acumen. A strategic partnership, it aims to create a robust foundation for sustainable growth and profitability among MSMEs across the country.
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Wema Bank’s Managing Director/CEO, Moruf Oseni, underscored the bank’s longstanding commitment to financial inclusion and indigenous entrepreneurship.
“At Wema Bank, we don’t just talk about SME empowerment – we live it. Since our inception in 1945, our purpose has been to provide tailored financial services and bridge the funding gap for Nigerians. Today, this partnership with SMEDAN further reinforces our mission to equip small businesses with the tools they need to thrive,” Oseni declared.
The initiative is set to roll out comprehensive training programs designed to enhance entrepreneurial skills and improve business operations. By providing targeted support, the partnership will help MSMEs gain greater visibility. It will also help build capacity, and scale sustainably in an increasingly competitive market. In addition to training, Wema Bank will offer access to innovative digital financial services. Thus, leveraging its position as Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT.
Industry experts believe that this collaboration is a significant milestone for Nigeria’s digital financial inclusion and economic diversification. With plans to complete a major capital raise through a Rights Issue and Special Placement Exercise on April 1, 2025—targeting an additional N200 billion—Wema Bank is poised to expand its capacity to serve MSMEs and drive economic growth.
SMEDAN’s Director General, Charles Odili, expressed strong confidence in the partnership.
“We commend Wema Bank’s unwavering dedication to empowering businesses and stimulating economic growth. This partnership will not only help build a more resilient future for Nigerian MSMEs but also contribute to the broader national agenda of creating sustainable job opportunities and driving economic transformation,” Odili stated.
The MoU marks a new chapter in Nigeria’s commitment to fostering entrepreneurship and innovation. By integrating high-impact training programs with advanced financial services, the collaboration between Wema Bank and SMEDAN is set to unlock new growth opportunities, boost the productivity of small businesses, and strengthen Nigeria’s overall economic resilience.
