Lagos, Nigeria – Wema Bank, Nigeria’s leading innovative financial institution and the pioneer of Africa’s first fully digital bank, ALAT, has announced a major initiative to train and empower 800,000 Nigerian businesses. This follows the signing of a Memorandum of Understanding (MoU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) on February 25, 2025, in Lagos.
SMEDAN, established in 2003 to promote the growth of micro, small, and medium enterprises (MSMEs) in Nigeria, is partnering with Wema Bank to provide extensive training on business management, technical skills, and financial literacy. The goal is to equip MSMEs with the tools needed to build profitable businesses, enhance visibility, and achieve sustainable growth. Over the next 12 to 18 months, Wema Bank will offer training and resources to the selected businesses, while SMEDAN will curate the list of beneficiaries.
Speaking on the partnership, Wema Bank’s Managing Director and CEO, Moruf Oseni, emphasized the bank’s longstanding dedication to supporting small businesses. He highlighted that Wema Bank was founded in 1945 to bridge the gap in financial access for Nigerians and has remained committed to this mission for over eight decades. He reiterated that MSME empowerment is not just a corporate strategy but a core part of the bank’s identity, dating back to its support for petty traders in the 1900s. According to him, the bank continues to evolve, ensuring that entrepreneurs and small businesses receive the necessary financial and strategic support to thrive.
In his remarks, the Director General of SMEDAN, Charles Odili, commended Wema Bank for its unwavering commitment to strengthening Nigeria’s MSME sector. He expressed confidence in the success of the initiative, describing it as a model for impactful collaboration between financial institutions and government agencies. He further applauded Wema Bank for consistently demonstrating genuine support for small businesses, beyond mere rhetoric.
Wema Bank has built a strong reputation as Nigeria’s SME Bank, providing businesses with access to finance, market opportunities, tailored training, and mentorship. Through its partnership with SMEDAN, the bank aims to further elevate Nigeria’s MSME landscape, reinforcing its role as a key driver of entrepreneurial success in the country.