Wema Bank, SMEDAN Sign MOU to Empower 800,000 Nigerian Businesses
Wema Bank has announced an ambitious initiative to empower 800,000 businesses across Nigeria. This initiative follows a Memorandum of Understanding (MOU) signed with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) on February 25, 2025, in Lagos.
Established in 2003, SMEDAN aims to foster the growth of the Micro, Small, and Medium Enterprises (MSME) sector within Nigeria’s economy. The collaboration with Wema Bank will focus on providing training in soft, technical, and business skills to MSMEs, enabling them to enhance profitability, increase visibility, and achieve sustainable growth. Over the next 12 to 18 months, Wema Bank will offer training and resources to the selected 800,000 businesses curated by SMEDAN.
Moruf Oseni, Wema Bank’s Managing Director and CEO, emphasized the bank’s long-standing commitment to supporting Nigerian entrepreneurs. “At Wema Bank, we are deeply invested in the success of SMEs,” he stated. “Since our establishment in 1945, we have aimed to provide financial solutions tailored for the indigenous population, filling a critical gap in access to finance.”
He continued, “For over 80 years, we have focused on empowering Nigerians through access to financial resources and innovative solutions. Our mission to support entrepreneurs and small businesses remains steadfast. The same petty traders we supported in the early 1900s are now the MSMEs we continue to uplift today, and we are dedicated to this cause.”
Charles Odili, Director General of SMEDAN, praised Wema Bank’s dedication and significant role in nurturing the MSME sector. He expressed optimism about the partnership’s potential to create a sustainable future for Nigerian businesses. “This collaboration exemplifies how working together with a shared goal can yield impactful results,” he stated. “I commend Wema Bank for their consistent support of MSMEs and their genuine commitment to empowerment in Nigeria.”
Wema Bank has built a solid reputation as Nigeria’s SME Bank, consistently going the extra mile to provide businesses with access to finance, visibility, market opportunities, tailored training, mentorship, and various forms of support. Through this partnership with SMEDAN, Wema Bank is poised to strengthen Nigeria’s MSME landscape, fostering robust businesses and reinforcing its commitment to empowering the nation’s entrepreneurs.