Wema Bank has signed a Memorandum of Understanding (MoU) with the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) to support 800,000 micro, small, and medium enterprises (MSMEs) with training and business development resources. The initiative, set to span 12 to 18 months, aims to equip entrepreneurs with soft skills, technical expertise, and business strategies to build profitable ventures, enhance visibility, and scale sustainably.
Under the partnership, Wema Bank will provide the necessary training and resources, while SMEDAN will curate the businesses that will benefit from the program. Speaking on the collaboration, Wema Bank’s Managing Director and CEO, Moruf Oseni, reaffirmed the bank’s long-standing commitment to SME empowerment, highlighting its historical role in bridging financial gaps for Nigerian entrepreneurs.
“At Wema Bank, we don’t pay lip service to SME matters. Since our inception in 1945, our goal has been to provide tailored financial services for Nigerians. Over the past eight decades, we have consistently reinvented ourselves to better support businesses, and this partnership with SMEDAN is a continuation of that mission,” Oseni stated.
He emphasized that Wema Bank has always been dedicated to nurturing small businesses, from the petty traders of the early 1900s to today’s MSMEs, and pledged continued support for entrepreneurs beyond the bank’s 80-year legacy.
SMEDAN’s Director-General, Charles Odili, praised Wema Bank’s active role in promoting business growth, expressing confidence in the partnership’s potential to create a lasting impact. “This is a prime example of how collaboration and determination can make a difference. Wema Bank has consistently supported MSMEs, and we are excited about the opportunities this initiative will unlock for Nigerian entrepreneurs,” Odili said.
Recognized as Nigeria’s SME Bank, Wema Bank has built a strong reputation for supporting businesses with financing, training, mentorship, market access, and visibility. Meanwhile, SMEDAN, established in 2003, continues to drive the development of Nigeria’s MSME sector by fostering entrepreneurship and business sustainability.
This partnership underscores both organizations’ commitment to strengthening the Nigerian economy by equipping MSMEs with the tools and knowledge needed to thrive.
