By 
Wema Bank, the pioneer of Africa’s first fully digital bank, ALAT, has urged stakeholders to prioritize digital empowerment for Micro, Small, and Medium Enterprises (MSMEs) to foster a sustainable MSME ecosystem in Nigeria. This call to action was made during the International MSMEs Day and MSME Awards Night 2024, organized by the Federal Government of Nigeria through the Office of the Vice President in commemoration of World MSME Day 2024.
The event, held in Abuja, celebrated the achievements of the Nigerian MSME sector and focused on developing sustainable solutions for its continuous growth and development, ultimately aiming to boost the Nigerian economy.
The daytime event, themed “Call to Action: Provision of Sustainable Single-Digit Loans for MSME,” brought together top institutions, including Wema Bank, to brainstorm and propose financial solutions. These solutions aimed not only to provide affordable loans and funding for MSMEs but also to ensure that these financial resources are easily accessible.
Representing Moruf Oseni, the MD/CEO of Wema Bank, Tunde Mabawonku, the Bank’s Executive Director of Retail and Digital Business, emphasized the need to prioritize technology and digital empowerment alongside capacity development, financial empowerment, and collaborative efforts to build a supportive ecosystem for MSMEs.
“At Wema Bank, our approach is rooted in the saying, ‘Give a man a fish, and he will come back; teach a man to fish, and 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 goes beyond providing the finances they need. We are also empowering them with relevant and transferrable digital skills to ensure they are not left behind in this digital evolution. What skills do they need to sell in this fast-growing digital world? To operate effectively? To compete? To maximize the resources at their disposal? These are the questions that drive us at Wema Bank,” Mabawonku said.
“Our goal is digital empowerment for scale. To maximize our impact, we continue to partner with esteemed bodies and institutions worldwide, from banks to agencies and regulatory organizations. Collaboration for us is continuous, from small alliances that empower smaller businesses through significant platforms within their ecosystem to larger partnerships like the FGN-ALAT Digital Skillnovation Programme. We will continue to combine efforts and pool resources where ideal to create an enabling environment for businesses to thrive, provide financial support, and other resources these businesses need, and empower them to skillfully utilize the resources available to them for maximum impact and growth. Conversations like this are very important, so we are more than glad to be part of it. To every business out there, we say, Happy World MSME Day,” Mabawonku concluded.
Wema Bank continues to prove its mettle as an enabler for MSMEs and a partner of choice for all. At the event, the Bank also awarded a brand-new car to the female winner of the “Outstanding MSME Clinic” award category, in addition to the N2,000,000 prize slated for this category.
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