Wema Bank’s Skills Acquisition Programme Impacts Youth Development and SMEs Growth

With the permeation of innovation and technological advancement, the world is constantly evolving, prompting individuals, businesses,institutionsandnationstoadapt, evolve and stay abreast with the rapid rate of development or risk being left behind. The simple idea behind innovation is to conceive and implement new ideas, methods or solutions. A popular misconceptionisthatinnovationislimitedtocreatingnewproductsor services. In truth, innovation could be as simple as creating solutions to old problems or developing new and improved features on old products. The point is, the world is rapidly evolving and as time goes by,statusquosbecomeoutdatedandtheneedarisesforustoevolve with the times and either adopt new methodologies or tweak old ones to capture these evolving needs.This codependency between change and adaptation is why the digital evolution and innovation go hand in hand.

Thedigitalevolutionhasplacedtheworldinaspotwherethesuccess of individuals, businesses and nations depends on their ability to adapt and leverage innovation to stay ahead of the curve. One could even argue that the foolproof solution to mitigating discrepancies in countries’ economic performance and achieving national development,isdigitalempowerment.Let’sadoptNigeriaasacasestudy.The mostprevalentgapsinNigeria’seconomiclandscapearelowForeign DepositInvestment(FDI),highunemploymentandunderemployment rates, limited foreign exchange capacity, low export to import ratio and high poverty rates. What impact could digital empowerment have on these economic indicators? You’d be surprised.

Imagine a world where Nigerian youth were empowered with advanced and highly demanded or sought after digital skills. These youthwouldnotonlyunlockthesecretsofrisingaboveunemployment and contributing to reduced employment, underemployment and povertyratesinNigeria,butalsogainacompetitiveedgeontheglobal scene. Bridging these prevalent economic gaps means boosting the economyandathrivingeconomyattractsForeignInvestment,promotes increased FX capacity and high export potential; essentially solving these identified economic and national development impediments throughdigitalempowerment.ThisistheprofoundimpactthatNigeria’s most innovative bank, Wema Bank Plc, is generating through the FGN-ALATDigitalSkillnovationProgrammeandempoweringyouth for national development is just the tip of this iceberg.

In today’s fast-evolving world, the potential of MSMEs remains one of the greatest assets that Nigeria possesses. The country is essentiallyburstingwithhumanresources,however,limitednon-human resourcesandopportunitiesweakenthestrengthandproductivityof thisdiverseandgiftedpopulation.Tobridgethegapbetweenpeople and resources, all hands must be on deck to not only provide more resourcesforindividualgrowthbuttoalsoempowertheseindividuals 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, one that will in due course, provide returns in form of opportunities and resources thatwillimpactotherNigeriansbothonindividualandnationallevels. ThisiswherebrandslikeWemaBankcomein;nurturingthisintrinsic potential that MSMEs possess to generate the economic growth and national development that Nigeria seeks to achieve.

WemaBankhasbuiltanadmirablereputationforitself,evolvingfrom Nigeria’s oldest and most resilient bank to Nigeria’s most innovative bank, pioneer of Africa’s first fully digital bank, ALAT, and partner of choiceforall.ThemostprevalentareasofitsimpactareintheMSME Sector, Women Empowerment, Sustainability, Technology, Digital Penetration/Adoption,InnovationandFinancialInclusion.Thesekey areasstandexceptionallysignificantnotjusttopromotingeconomic growthandnationaldevelopmentbutultimately,toboostingNigeria’s position on the global landscape.

Through a plethora of products, programmes, partnerships and solutions, Wema Bank has empowered youth and businesses with cutting-edge solutions, resources and tailored support for growth; from its newly launched its SME Business School which has served tostrengthenthetechnicalknowhowofMSMEstoitsExportTrade AcademydesignedtoempowermoreNigeriansforeffectiveexport 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, Hackaholics,thebank’syouth-focusedtechcompetitiondesignedto empoweryouthtowardsbuildingsuccessfultech-relatedstartups,and eventheWemaBank5for5Promothroughwhichthebankrewards customers with millions of Naira monthly for their personal and business needs; these are all excluding the MSME forums, trainings and Tradefairsthatthebankhassponsoredovertheyears.Itisnosurprise 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 for increased MSME impact but more importantly, in its strategy of championing that intersectoral synergy between the public sector and the private sector to achieve thesharedgoalofempoweringyouthandMSMEs.TheNYSC-ALAT AcceleratorProgrammechampionedbythebankinpartnershipwith the National Youth Service Corps (NYSC) and Microsoft to help graduates transition seamlessly into the labour market is one of these collaborative efforts championed by the bank. Perharps the most prominent of such partnerships championed by Wema Bank to promote its mission of Empowering Lives Through Innovation and solidify its commitment to supporting MSMEs, is the FGN-ALAT Digital Skillnovation Programme.

Wema Bank, in partnership with the Federal Government of Nigeria(ThroughtheofficeoftheVicePresident),launchedthe FGN-ALAT Digital Skillnovation Programme for Micro, Small and Medium Enterprises (MSMEs) on September 29, 2023, with the goal of training and equipping two million youths and one million MSMEs across Nigeria with advanced, relevant, highlydemandedandsought-afterdigitalskillsforaccelerated 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 stay and beyond its effect on individuals, this digitisation has put businesses in a tight spot with 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 bankseemssomewhatparadoxicalbutondeeperanalysis,the answer is clear: 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. Cybersecurity, data analysis, artificial intelligence and many others, are skills that cut across diverse fields and businesses 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 thisisexactlywhatWemaBankispartneringwiththeNigerian government to achieve—empowering more young Nigerians andbusinesseswiththegiftsthatwillkeepgivingonindividual, business, national and even global levels through this groundbreaking digital empowerment programme.

TheFGN-ALATDigitalSkillnovationProgrammeCurriculum empowerparticipantswithkeydigitalskillstohelpthebusiness sectorincludingsoftwareengineering,productmanagement, businessanalysis,cloudcomputingandproductdesign,among others.Bychoosingtofocusonincreasingthedigitalexpertise 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.

As is second nature for the prestigious financial institution, WemaBankhastailoredthisprogrammetosuittheneedsofboth entrepreneuriallyinclinedandprofessionallyinclinedNigerians. Entrepreneurial minded participants will gain in-demand skills forefficientbusinessmanagementwhileprofessionallyminded participants will acquire highly sought-after digital skills for optimum employability; all essential to promoting increased valueadditioninNigeria’sworkforceandgivingmoreNigerians a competitive edge in the international market, enabling them tobecomeunequivocalassetstoadiverserangeofindustries in Nigeria and across the world. This unique programme is not just arming SMEs for more efficient business management and growth, it is also arming the workforce for increased productivity. The ripple effect of the strategic design of the FGN-ALATDigitalSkillnovationProgrammeisonethatwillnot only reduce Nigeria’s unemployment and underemployment ratessignificantly,butalsodriveeconomicgrowthandnational development,boostingthecountry’spositiononthegloballandscape.

SincethelaunchoftheFGN-ALATDigitalSkillnovationProgramme inthelastquarterof2023,over300,000NigerianYouthandBusiness Ownershaveleveragedtheplatformasalaunchpadfortheirbusiness and professional success; and this was all just in the just concluded Virtual Learning Phase. Participants from the thirty-six (36) states in Nigeria and the Federal Capital Territory (FCT) have undergone basictrainingsunderself-pacedlearningconditions,allowingthemto 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 eye-opener, and this is just in its preliminary phase. As the first quarter of 2024 wraps up, the FGN-ALAT Digital Skillnovation Programme is set to begin its next phase—physical training.

In truth, different people have different preferences in terms of learningmethods.Whilesomeareabletoassimilateexcellentlyfrom virtual sessions, many others require a physical learning experience for maximum retention; hence the virtual-physical dynamic of the FGN-ALATDigitalSkillnovationProgramme.However,itiscommon knowledge that virtual learning bridges the gap in access to learning basedongeographicalrestrictions,sothisPhysicalTrainingagenda of this programme naturally begs the question, “How can Nigerians across the different parts of Nigeria access this programme?”. The answer is quite incredible—the FGN-ALAT Digital Skillnovation Programme will run across the 36 states of Nigeria and the Federal Capital Territory (FCT), and here’s how.

TheFGN-ALATDigitalSkillnovationProgrammewillbeexecuted viaFGN-ALATDigitalHubs,whichwillbesetupinthedifferentstates acrossthesixgeopoliticalzonesinNigeriatoensurethateveryNigerian can access the full benefits of the programme regardless of their location.Thesehubswillbeequippedwithcutting-edgetrainingand incubationfacilitiesidealforadvancedandultra-moderndigital-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 global digital ecosystem. The FGN-ALAT Digital Hubs will be set up in phases and trainingswillcommenceaccordingly,startingwithtwostatesinApril 2024: Borno State and Anambra State.

In addition to these virtual sessions and the physical training to follow, Wema Bank has organised several workshops across different states, allowing participants to ask questions concerning the programme, their professional journeys, etc., additionally providing small-scale trainings for them. It is also worthy to note that the FGNALAT Digital Skillnovation Programme is also creating increased access to viable opportunities for women across the different parts of Nigeria. In states like Anambra 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 servingtopromoteinclusionforwomenandbridgethegapingender equality in Nigeria.

Beyondthetrainings,WemaBankisgoingastepfurthertoprovide financial support tailored to the unique needs of these businesses. Overthecourseoftheprogramme,participantswillreceivemillionsof Nairainequitycapital,softloansandgrants,toenablethemtoputtheir learnings to practice and build substantial and sustainable streams ofincomethatcouldpotentiallymakethememployersinthenearest future. With the combination of financial and intellectual resources to supplement the opportunities being created, the commitment to providing round-the-clock support for participants throughout the programme and the provision of financial resources beyond the scopeoftheprogramme,WemaBankislivingoutitspromiseofbeing “With You, All The Way” for young Nigerians and business owners.

Inanutshell,WemaBankis,throughtheFGN-ALATDigitalSkillnovation Programme, joining forces with the Nigerian government not just to tick the box of private-public sector collaboration, but to truly alleviate Nigeria’s economic conditions by empowering youth and MSMEs with digital skills and providing resources for the economy to thrive. This programme is simultaneously bridging the gaps in unemployment and underemployment, reducing poverty rates, creating more export potential and boosting the Nigerian economy.

The math is simple: A thriving economy attracts investors and increased exports, strengthens foreign exchange capacity and potentially, limits inflation. With this programme, Wema Bank is creatingsustainablesolutionstotheearlieridentifiedgapsinNigeria’s economiclandscapewhicharelowForeignDepositInvestment(FDI), high unemployment and underemployment rates, limited foreign exchange capacity, low export to import ratio and high poverty rates. Imagine what Nigeria’s macroeconomic indicators would reflect in few years to come if there were more of “Wema Bank” in Nigeria;organisationstakingtheinitiativetoforgestrategicintraand intersectoral partnerships and making intentional moves to boost Nigeria’s economic growth and national development.

Wema Bank has flawlessly reset industry standards for societal impact and set the pace for institutional contributions towards accelerating economic growth and National development. Nigeria clearlyneedsmorequadruplethreatorganisationslikeWemaBank, creatingmoresustainableopportunitiesforyouthandMSMEgrowth, empowering both to reducing poverty, unemployment and underemployment rates, boosting the Nigerian economy on a large scale and promoting national development to propel the African Giant to the peak of the global playing field.