• Wednesday, July 24, 2024
businessday logo


Wema Bank seeks support for MSMEs to drive economic growth

Wema Bank seeks support for MSMEs to drive economic growth

…Partners FG on World MSMEs Day

Wema Bank Plc has made a case for digital empowerment for Micro, Small and Medium Enterprises (MSMEs) to drive sustainable economic development in Nigeria.

The bank made the advocacy at the International MSMEs Day and MSME Awards Night 2024; a twofold event organised by the Federal Government through the office of the vice president to mark the 2024 World MSME Day.

The MSMEs Day and Awards Night 2024 which held in Abuja on Thursday, June 27, 2024, was targeted at not only acknowledging the successes recorded in the Nigerian MSME sector but also developing strategies for continuous growth and development of the sector.

Tagged “Call to action: Provision of sustainable single-digit loans for MSMEs,” the event convened top reputable institutions and entities, including Wema Bank, to brainstorm and proffer sustainable financial solutions to the funding challenges faced by MSMEs and ensure that these financial solutions are easily accessible and available to MSMEs.

Representing Moruf Oseni, the MD/CEO of Wema Bank, Tunde Mabawonku, the bank’s executive director of retail and digital business, further emphasised the pressing need to prioritise technology and digital empowerment in complement to capacity development, financial empowerment and collaborative efforts, towards building a supportive ecosystem for MSMEs to thrive. “At Wema Bank, our approach embodies the saying ‘give a man fish, he will come back but teach a man to fish, he will learn to fend for himself and others’.

Technology and digital are the future, and intelligence is here to stay. What we are doing for these MSMEs is beyond providing the finances they need. We are also focusing on empowering them with relevant and transferrable digital skills to ensure they are not left behind in this digital evolution. What are the skills they need to sell in this fast-growing digital world, to operate effectively, compete, and maximise the resources at their disposal? These are the questions that drive us at Wema Bank”, he said.

“The goal is digital empowerment for scale and to maximise our impact, we continue to partner with several esteemed bodies and institutions across the world, from banks to agencies, regulatory organisations, the bank chief noted.