Wema Bank, in collaboration with Naija Brand Chick (NBC) and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN), has announced a significant partnership aimed at promoting inter-continental trade and empowering women in business. The partnership was disclosed during a press briefing on Tuesday, detailing plans for an upcoming trade fair in London.
The trade fair, scheduled for August 17-18, 2024, will provide a platform for Nigerian SMEs and women entrepreneurs to showcase their products to a global audience. The initiative seeks to bridge the gap between Nigerian exporters and international markets, facilitate foreign exchange inflows, and drive socio-economic transformation for women in Nigeria.
Addressing Challenges in International Trade
Ayodele Olojede, Divisional Head of Retail and SME at Wema Bank, highlighted the challenges women face in international trade. According to the World Trade Organization (WTO), only 15% of businesses engaged in international trade are led by women. In Africa, women produce only a quarter of the total generated exported value, despite comprising 50% of the population.
Olojede emphasized Wema Bank’s long-standing commitment to economic prosperity and the importance of intra-African trade. She stated, “Through this partnership, we aim to increase investment, integrate Nigerian exporters into the global value chain, and facilitate foreign exchange collections using digital tools.”
Holistic Approach to Empowerment
Wema Bank’s strategy includes trade facilitation, business networking, investment opportunities, digitalization, and financing. The bank’s digital platforms, such as ALATPay, POS Terminals, Decals, and ALAT For Business, will provide seamless financial services to support businesses.
Olojede also underscored the bank’s dedication to mainstreaming women’s participation in economic transformation. “When people ask us why this partnership, our answer remains the same: To be the dominant digital platform in Africa delivering seamless financial services.”
Support from SMEDAN and Government Agencies
Charles Odili, Director-General of SMEDAN, praised Wema Bank’s efforts in empowering women-owned businesses and SMEs. He assured that SMEDAN would collaborate with relevant government agencies to ensure all entrepreneurs attending the London exhibition receive the necessary visas.
Odili highlighted the agency’s commitment to job creation and poverty alleviation in alignment with President Bola Tinubu’s administration. “We want to create more jobs and give opportunities to local entrepreneurs. We are making sure that everyone who wants to go for the exhibition in London gets a visa.”
Presidential Support
Tola Johnson, Special Assistant to the President on Job Creation, Office of the Vice President, commended Wema Bank’s SARA initiative for its role in empowering SMEs and women. Johnson expressed confidence in the positive impact this partnership would have on the Nigerian economy and job creation efforts.
The London trade fair is expected to be a landmark event, showcasing the potential of Nigerian entrepreneurs and facilitating greater integration of Nigerian businesses into the global market.
