Wema Bank & SMEDAN to Empower 800,000 MSMEs Across Nigeria

Wema Bank and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) have signed a Memorandum of Understanding (MoU) to empower 800,000 micro, small, and medium enterprises (MSMEs) with training and business development resources.

Spanning 12 to 18 months, this initiative aims to equip entrepreneurs with essential business strategies, technical expertise, and financial literacy to enhance growth, sustainability, and market visibility.

A Strategic Collaboration for MSME Growth

Under the partnership, Wema Bank will provide training and financial guidance, while SMEDAN will curate and select MSMEs that will benefit from the program.

Speaking on the collaboration, Wema Bank’s Managing Director & CEO, Moruf Oseni, reaffirmed the bank’s long-standing commitment to bridging financial gaps for Nigerian entrepreneurs.

“At Wema Bank, SME empowerment is not just a slogan; it is our legacy. Since 1945, we have provided tailored financial services to businesses, and this partnership with SMEDAN is a continuation of that mission.”

Oseni also emphasized that Wema Bank has evolved with Nigeria’s economic landscape, supporting small businesses from the early 1900s to today’s digital-driven MSME ecosystem.

SMEDAN’s Vision for MSME Development

SMEDAN’s Director-General, Charles Odili, praised Wema Bank’s active role in business development and expressed confidence in the program’s impact.

“This partnership showcases how collaboration can drive real change. Wema Bank has consistently supported MSMEs, and we are excited about the opportunities this initiative will unlock for entrepreneurs nationwide.”

SMEDAN, established in 2003, has been at the forefront of entrepreneurial development in Nigeria, offering training, policy advocacy, and support for small businesses.

As Nigeria’s SME-focused bank, Wema Bank has built a strong reputation for providing financing, mentorship, and market access to businesses.

With MSMEs contributing over 50% of Nigeria’s GDP and 80% of employment, this initiative aligns with the country’s broader economic goals by:
1. Equipping businesses with knowledge and tools to scale sustainably.
2. Fostering entrepreneurship in key sectors like agribusiness, manufacturing, and tech.
3. Enhancing financial literacy and access to business funding.