Wema Bank partners NBC, SMEDAN to promote trade, women entrepreneurs

… Sets for London Trade Fair

Wema Bank is partnering Naija Brand Chick (NBC) and Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) to promote inter-continental trade and empower women in business.

This was disclosed Tuesday at a briefing to announce a trade fair scheduled for London between August 17 and 18, 2024, where Nigerian SMEs and women entrepreneurs are expected to showcase their products.

The partnership aims to bridge the gap between Nigerian exporters and the global market, facilitate foreign exchange inflows, and drive socio-economic transformation for women in Nigeria.

Ayodele Olojede, divisional head, retail and SME, Wema Bank, speaking at news conference in Lagos on Tuesday, said the partnership designed to address the challenges faced by women in international trade, where only 15 per cent of businesses engaged in international trade are led by women, according to the World Trade Organization (WTO).

According to her, “In Africa, women only produce one-fourth of the total generated exported value, despite making up 50 percent of the population.

“As a purveyor of wealth for over eight decades, we understand that the economic prosperity of our people is directly related to ours. Africa, especially Nigeria, can only grow if we trade amongst ourselves and with other countries, regions, and continents.

“Through this partnership, we aim to increase investment, integrate Nigerian exporters into the global value chain, and facilitate foreign exchange collections using digital collection tools. The partnership will also provide shared market insights, business networking opportunities, and financing to support women in business.

“Wema Bank’s approach is holistic, addressing trade facilitation, business networking, investment opportunities, digitalisation, and financing. The bank’s digital platforms, such as ALATPay, POS Terminals, Decals, and ALAT For Business, will provide seamless financial services to support businesses”.

Olojede emphasised the bank’s commitment to mainstreaming women’s participation in driving the transformation of the Nigerian economy.

“When people ask us why this partnership, our answer remains the same: To be the dominant digital platform in Africa delivering seamless financial services.”

Read also: Wema Bank seeks support for MSMEs to drive economic growth

Also speaking, Charles Odili, director- general of SMEDAN, applauded the efforts of Wema Bank at empowering women owned businesses and SMEs in the country in recent years, saying that the agency would be collaborating with the bank to make the London event a success.

He said his agency would work with relevant government agencies to make sure all entrepreneurs who would be going to London for the exhibition were granted visa.

Odili noted that his agency would be partnering with the bank to create jobs for the Nigerians in line with President Bola Tinubu’s administration agenda to tackle unemployment and fight poverty.

“We want to creat more jobs, and give opportunity to local entrepreneurs, we are doing so with Wema Bank Naija Chick.

“We are making sure what everyone who want to go for the exhibition in London get visa and we would work with relevant government agency to make this possible,” Odili said.

Tola Johnson, special assistant to the president on job creation, office of the vice president, praised the bank’s effort at empowering SMEs and women through its SARA initiative.