Wema Bank, the creator of Africa’s first fully digital bank, ALAT, has urged everyone to focus on digital empowerment for Micro, Small, and Medium Enterprises (MSMEs) to create a sustainable MSME ecosystem in Nigeria.
This message was delivered during the International MSMEs Day and MSME Awards Night 2024. The event was organized by the Federal Government through the Office of the Vice President to celebrate World MSME Day 2024 in Abuja.
The theme of the event was “Call to Action: Provision of Sustainable Single-Digit Loans for MSMEs.” Various organizations, including Wema Bank, discussed and proposed financial solutions to provide affordable loans and funding for MSMEs.
Moruf Oseni, the CEO of Wema Bank, represented by Tunde Mabawonku, the bank’s Executive Director of Retail and Digital Business, highlighted the need to prioritize technology and digital empowerment alongside financial support. This approach aims to build a supportive ecosystem for MSMEs to thrive.
Oseni stated, “At Wema Bank, we believe in teaching people skills to help themselves and others. Technology and digital skills are the future. We are not just providing money for these MSMEs; we are also equipping them with digital skills so they are not left behind in this digital age. We focus on what skills they need to succeed in a fast-growing digital world, operate effectively, compete, and use resources wisely.”
According to Oseni, the goal is to empower MSMEs digitally to grow and make the most impact.
“We partner with various bodies worldwide, from banks to agencies and regulatory organizations. Collaboration is key for us, whether it’s small partnerships that help small businesses or bigger ones like the FGN-ALAT Digital Skillnovation Programme.”
“We will keep working together and sharing resources to create a supportive environment for businesses to thrive, provide financial support, and empower them to use these resources effectively for maximum growth,” Mabawonku concluded.
Micro, Small, and Medium Enterprises Day is celebrated globally to recognize the important contributions of these enterprises to achieving the United Nations Sustainable Development Goals.
