How Wema Bank is Accelerating MSMEs Growth to Boost Economic Growth and Promote National Development
With the permeation of innovation and technological advancement, the world is constantly evolving, prompting individuals, businesses, institutions and nations to adapt, evolve and stay abreast with the rapid rate of development or risk being left behind; hence the “underdeveloped, developing and developed” categorisation of nations.
A country is categorised as developed when it is industrialised and considerably equipped to provide its citizenry with high standards of livingandfasteconomicgrowth,underdeveloped countries are countries whose conditions are in contrast with that of developed countries and developingcountriesarein-between.Totransition from under-developed to developing and extensively into the “developed” category, countries must devise sustainable ways to reduce unemployment and poverty rates, promote inclusive income distribution and boost economic growth.
Nigeria is one of these such countries saddled with the responsibility of making the transition from developing to developed. The foolproof way to achieve this goal is to create innovative solutionsthatnotonlybridgeprevalentgapsinthe Nigerian economic landscape but also guarantee the sustainable impact of these solutions. These prevalent gaps include but are not limited to low Foreign Deposit Investment (FDI), high unemployment and underemployment rates, limited foreign exchange capacity, low export to import ratio and high poverty rates.
To bridge these economic gaps, it is imperative that a strategic synergy between the public sector and the private sector be put in place, DOLJQLQJ HͿRUWV DQG ZRUNLQJ WRJHWKHU WRZDUGV a common goal of boosting the economy and fosteringnationaldevelopment.Attheforefrontof championingthisintersectoralsynergyinNigeria and promoting the drive for increased economic growth and national development is Nigeria’s most innovative bank, Wema Bank Plc.
In today’s fast-evolving world, the potential of MSMEs remains one of the greatest assets that Nigeria possesses. The country is essentially bursting with human resources, however, limited non-human resources and opportunities weaken the strength and productivity of this diverse and gifted population. To bridge the gap between people and resources, all hands must be on deck to not only provide more resources for individual growth but to also empower these individuals to in turn, provide opportunities for others. This method of driving sustainable empowerment guarantees that each person who is empowered becomes an investment in the nation,onethatwillinduecourse,providereturns in form of opportunities and resources that will impact other Nigerians both on individual and national levels. This is where brands like Wema Bank come in; nurturing this intrinsic potential that MSMEs possess to generate the economic growth and national development that Nigeria seeks to achieve.
Wema Bank has built an admirable reputation foritself,evolvingfromNigeria’soldestandmost resilient bank to Nigeria’s most innovative bank, SLRQHHURI$IULFD·VÀUVWIXOO\GLJLWDOEDQN $/$7 and partner of choice for all. The most prevalent areasofitsimpactareintheMSMESector,Women Empowerment, Sustainability, Technology, Digital Penetration/Adoption, Innovation and Financial Inclusion. These key areas stand H[FHSWLRQDOO\ VLJQLÀFDQW QRW MXVW WR SURPRWLQJ economic growth and national development but ultimately, to boosting Nigeria’s position on the global landscape.
Through a plethora of products, programmes, partnerships and solutions, Wema Bank has empowered businesses with cutting-edge solutions, resources and tailored support for growth; from itsnewlylauncheditsSMEBusinessSchoolwhich has served to strengthen the technical knowhow ofMSMEstoitsExportTradeAcademydesigned WR HPSRZHU PRUH 1LJHULDQV IRU HͿHFWLYH H[SRUW trade, Wema Bank’s female-focused proposition, SARA by Wema, through which the bank has created unique solutions designed to help
Nigerian women thrive in their personal and professional lives, and even the Wema Bank 5 for 5 Promo through which the bank rewards customers with millions of Naira monthly for their personal and business needs; these are all excludingtheMSMEforums,trainingsandtrade fairs that the bank has sponsored over the years. It is no surprise that Wema Bank has become a beacon of hope to all Nigerians.
However, Wema Bank’s uniqueness lies not only in its commitment to constantly innovating forincreasedMSMEimpactbutmoreimportantly, in its strategy of championing that intersectoral synergybetweenthepublicsectorandtheprivate sector to achieve the shared goal of empowering MSMEs. Perharps the most prominent of such partnerships championed by Wema Bank WR SURPRWH LWV PLVVLRQ RI (PSRZHULQJ /LYHV ThroughInnovationandsolidifyitscommitment WRVXSSRUWLQJ060(V LVWKH)*1 $/$7'LJLWDO Skillnovation Programme.
Wema Bank, in partnership with the Federal *RYHUQPHQW RI 1LJHULD 7KURXJK WKH RFH RI WKH 9LFH 3UHVLGHQW ODXQFKHG WKH )*1 $/$7 Digital Skillnovation Programme for Micro, Small and Medium Enterprises (MSMEs) on September 29, 2023, with the goal of training andequippingtwomillion(2,000,000)youthand one million (1,000,000) MSMEs across Nigeria with advanced, relevant, highly demanded and sought-after digital skills for accelerated business performance and career success in the digital driven world that exists today.
With the advent of emerging technologies, it is clear that the digital evolution is here to VWD\ DQG EH\RQG LWV HͿHFW RQ LQGLYLGXDOV WKLV digitisationhasputbusinessesinatightspotwith only two options—adapt or perish. We see this in the hundreds of brands that dominated the world less than three (3) decades ago but are now extinct, which makes one wonder how Wema Bank did it. Being the oldest Indigenous Bank in Nigeria and simultaneously Nigeria’s most innovative bank seems somewhat paradoxical butondeeperanalysis,theanswerisclear:Wema Bank’s drive for constant innovation is what has helped it thrive for over seven (7) decades and for other businesses to remain relevant, they must adapt to the evolving needs of the digital economy.
One thing is certain; digital skills will be in demand for a long time. Cyber-security, data DQDO\VLV DUWLÀFLDOLQWHOOLJHQFHDQGPDQ\RWKHUV DUH VNLOOV WKDW FXW DFURVV GLYHUVH ÀHOGV DQG EXVLQHVVHV and as such, will remain relevant for decades to come. It is therefore safe to say that acquiring such digital skills is essentially investing in the gift that keeps giving and this is exactly what Wema Bank is partnering with the Nigerian government to achieve—empowering more young Nigerians and businesses with the gifts that will keep giving on individual, business, national and even global levels through this groundbreaking digital empowerment programme.
7KH )*1 $/$7 'LJLWDO 6NLOOQRYDWLRQ 3URgrammeCurriculumempowerparticipantswith keydigitalskillstohelpthebusinesssectorincluding software engineering, product management, business analysis, cloud computing and product design, among others. By choosing to focus on increasing the digital expertise of Nigerians across these key areas, Wema Bank is ensuring that Nigerian businesses remain competitive on the global landscape and that Nigeria as a nation, is not left out as the world moves towards full digitisation.
$VLVVHFRQGQDWXUHIRUWKHSUHVWLJLRXVÀQDQFLDO institution, Wema Bank has tailored this programmetosuittheneedsofbothentrepreneurially inclined and professionally inclined Nigerians. Entrepreneurial minded participants will gain LQ GHPDQGVNLOOVIRUHFLHQWEXVLQHVVPDQDJHment while professionally minded participants will acquire highly sought-after digital skills for optimumemployability;allessentialtopromoting increased value addition in Nigeria’s workforce and giving more Nigerians a competitive edge in the international market, enabling them to become unequivocal assets to a diverse range of industries in Nigeria and across the world. This XQLTXH SURJUDPPH LV QRW MXVW DUPLQJ 60(V IRU PRUHHFLHQWEXVLQHVVPDQDJHPHQWDQGJURZWK it is also arming the workforce for increased SURGXFWLYLW\ 7KH ULSSOH HͿHFW RI WKH VWUDWHJLF GHVLJQ RI WKH )*1 $/$7 'LJLWDO 6NLOOQRYDWLRQ Programme is one that will not only reduce Nigeria’sunemploymentandunderemploymentrates VLJQLÀFDQWO\ EXW DOVR GULYH HFRQRPLF JURZWK DQG national development, boosting the country’s position on the global landscape.
6LQFH WKH ODXQFK RI WKH )*1 $/$7 'LJLWDO Skillnovation Programme in the last quarter of 2023, over 300,000 Nigerian Youth and Business Ownershaveleveragedtheplatformasalaunchpad for their business and professional success; DQG WKLV ZDV DOO MXVW LQ WKH MXVW FRQFOXGHG 9LUWXDO /HDUQLQJ3KDVH 3DUWLFLSDQWVIURPWKHWKLUW\ VL[ (36) states in Nigeria and the Federal Capital Territory (FCT) have undergone basic trainings under self-paced learning conditions, allowing them to fully internalise the course content at their own speed. As reported by participants, this Virtual Training phase was a huge success, with many referring to the programme as an H\H RSHQHU DQG WKLV LV MXVW LQ LWV SUHOLPLQDU\ SKDVH $VWKHÀUVWTXDUWHURI ZUDSVXS WKH )*1 $/$7 'LJLWDO 6NLOOQRYDWLRQ 3URJUDPPH is set to begin its next phase—physical training.
,QWUXWK GLͿHUHQWSHRSOHKDYHGLͿHUHQWSUHIHUences in terms of learning methods. While some are able to assimilate excellently from virtual sessions,manyothersrequireaphysicallearning experience for maximum retention; hence the YLUWXDO SK\VLFDO G\QDPLF RI WKH )*1 $/$7 Digital Skillnovation Programme. However, it is common knowledge that virtual learning bridges the gap in access to learning based on geographicalrestrictions,sothisPhysicalTraining agenda of this programme naturally begs the TXHVWLRQ ´+RZFDQ1LJHULDQVDFURVVWKHGLͿHUHQW parts of Nigeria access this programme?”. The DQVZHU LV TXLWH LQFUHGLEOH³WKH )*1 $/$7 Digital Skillnovation Programme will run across the 36 states of Nigeria and the Federal Capital Territory (FCT), and here’s how.
7KH )*1 $/$7 'LJLWDO 6NLOOQRYDWLRQ 3URJUDPPHZLOOEHH[HFXWHGYLD)*1 $/$7'LJLWDO +XEV ZKLFKZLOOEHVHWXSLQWKHGLͿHUHQWVWDWHV across the six geopolitical zones in Nigeria to ensure that every Nigerian can access the full EHQHÀWV RI WKH SURJUDPPH UHJDUGOHVV RI WKHLU location. These hubs will be equipped with cutting-edge training and incubation facilities ideal for advanced and ultra-modern digital-driven learning, giving participants the opportunity to acquire marketable and transferrable digital skills in a state-of-the-art learning space within their reach, and gain a competitive edge in the JOREDOGLJLWDOHFRV\VWHP 7KH)*1 $/$7'LJLWDO Hubs will be set up in phases and trainings will commence accordingly, starting with two states in April 2024: Borno State and Anambra State.
In addition to these virtual sessions and the physical training to follow, Wema Bank has RUJDQLVHG VHYHUDO ZRUNVKRSV DFURVV GLͿHUHQW states, allowing participants to ask questions concerning the programme, their professional MRXUQH\V HWF DGGLWLRQDOO\SURYLGLQJVPDOO VFDOH trainings for them. It is also worthy to note that WKH)*1 $/$7'LJLWDO6NLOOQRYDWLRQ3URJUDPPH is also creating increased access to viable opSRUWXQLWLHV IRU ZRPHQ DFURVV WKH GLͿHUHQW SDUWV of Nigeria. In states likeAnambra and Imo State, the male to female ratio in participants’ gender segmentation was skewed to the right, with women in the lead. It is commendable that this programme is serving to promote inclusion for women and bridge the gap in gender equality in Nigeria.
Beyond the trainings, Wema Bank is going a VWHS IXUWKHU WR SURYLGH ÀQDQFLDO VXSSRUW WDLORUHG to the unique needs of these businesses. Over the courseoftheprogramme,participantswillreceive millions of Naira in equity capital, soft loans and grants, to enable them to put their learnings to practice and build substantial and sustainable streams of income that could potentially make them employers in the nearest future. With the FRPELQDWLRQRIÀQDQFLDODQGLQWHOOHFWXDOUHVRXUFHV to supplement the opportunities being created, the commitment to providing round-the-clock support for participants throughout the proJUDPPH DQG WKH SURYLVLRQ RI ÀQDQFLDO UHVRXUFHV beyondthescopeoftheprogramme,WemaBank is living out its promise of being “With You, All The Way” for businesses.