Wema Bank to Empower 800,000 Nigerian Businesses in Partnership with SMEDAN

Wema Bank to Empower 800,000 Nigerian Businesses in Partnership with SMEDAN

Lagos, Nigeria – In a major boost to Nigeria’s Micro, Small, and Medium Enterprises (MSME) sector, Wema Bank, Nigeria’s leading innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to train and empower 800,000 businesses across the country.

The agreement, signed on February 25, 2025, in Lagos, marks a strategic effort to equip MSMEs with essential business, technical, and soft skills, enabling them to build profitable enterprises, increase visibility, and scale sustainably. Over the next 12 to 18 months, Wema Bank will provide training and resources to the selected businesses, curated by SMEDAN.

Speaking on the partnership, Wema Bank’s Managing Director and CEO, Moruf Oseni, reaffirmed the bank’s unwavering commitment to empowering entrepreneurs and small businesses in Nigeria.

"At Wema Bank, SME empowerment is not just a buzzword; it is part of our DNA. From our inception in 1945, we have been dedicated to providing financial services tailored to support Nigerians in both their personal and business aspirations. We identified the gaps in access to finance, and we stepped in to bridge them. Over the past eight decades, we have remained focused on this mission, constantly evolving to offer innovative solutions to the MSME sector," Oseni stated.

He further emphasized Wema Bank’s long-standing tradition of supporting businesses, from petty traders in the 1900s to modern entrepreneurs driving economic growth in the 21st century.

SMEDAN’s Director General, Charles Odili, commended Wema Bank for its dedication to business development and its significant contributions to strengthening Nigeria’s MSME landscape.

"This partnership with Wema Bank is a clear demonstration of how collaboration can drive real impact. Wema Bank has continuously shown commitment to MSMEs, not just in words but through tangible actions. We are confident that this initiative will play a crucial role in building a strong and sustainable future for Nigerian businesses," Odili remarked.

Wema Bank has built a reputation as Nigeria’s SME Bank, consistently going beyond financial support to offer visibility, market access, mentorship, and tailored training programs. With this new collaboration, the bank is set to further solidify its position as a key driver of Nigeria’s MSME growth, fostering sustainable business success across the country.