Wema Bank, the pioneer of Africa’s first fully digital bank, ALAT, has called on stakeholders to prioritize digital empowerment for Micro, Small, and Medium Enterprises (MSMEs) to foster a sustainable ecosystem in Nigeria. This call was made during the International MSME Day and MSME Awards Night 2024, an event organized by the Federal Government through the Office of the Vice President to commemorate World MSME Day 2024 in Abuja.
The event, themed “Call to Action: Provision of Sustainable Single-Digit Loans for MSMEs,” brought together various entities, including Wema Bank, to brainstorm and propose financial solutions aimed at providing affordable loans and funding for MSMEs.
Moruf Oseni, CEO of Wema Bank, represented by Tunde Mabawonku, the bank’s Executive Director of Retail and Digital Business, highlighted the crucial 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 embodies the saying, ‘Give a man a 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 goes beyond providing the finances they need,” said Mabawonku.
He emphasized the importance of equipping MSMEs with relevant and transferable digital skills to ensure they are not left behind in the 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,” he added.
According to Oseni, the bank’s goal is digital empowerment for scale and to maximize impact. “We continue to partner with various esteemed bodies and institutions globally, 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, and empower them to skillfully utilize available resources for maximum impact and growth,” Mabawonku concluded.
International MSME Day is celebrated globally to raise awareness of the significant contributions of enterprises to achieving the United Nations Sustainable Development Goals.
