Wema Bank promotes MSMEs growth

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Image result for Wema Bank PlcWema Bank Plc has reiterated its commitment to supporting Micro, Small and Medium Enterprises (MSMEs) growth and development.

It has been passionate about supporting micro, small and medium sized businesses in Nigeria. But over the last six months, it has reviewed the way it backs MSMEs by delivering sustainable and value-adding support that impacts positively on business growth and profitability.

One of these offerings, the My Business Account Suite, was recently reviewed to improve cost effectiveness and deliver maximum convenience. It is a current account product with a concessionary transaction fee and ‘Zero Account Maintenance Fee’ for Startups and medium-sized businesses. Businesses can also earn interest on funds domiciled in this current account.

The bank is also bringing businesses together for capacity building programmes, designed to enhance structuring and spur growth. In July, the Bank sponsored several small and medium scale businesses to a session on building sustainable wealth, organised by PwC in Lagos. The training featured experts from key growth sectors as well as business managers and successful entrepreneurs.

Discussions and insights were shared, and these experts touched on critical aspects of business building including bookkeeping and accounting to tax efficiency, raising funds for business and much more.

Though these training and product offerings help, funding remains critical to growth, particularly for MSMEs. Access to cheap funding continues to limit the ability of small businesses in Nigeria to scale adequately. This narrative can be changed with the new partnerships Wema Bank has entered.

The bank recently entered into partnerships with Development Bank of Nigeria (DBN) to improve access to cheaper funds for small businesses. DBN is a licensed wholesale Development Financial Institution (DFI) set up by the Federal Government in collaboration with other international development partners to alleviate the financing constraints of the MSMEs.

DBN will fund MSMEs through Participating Financial Institutions (PFIs). Wema is one of those selected. Through this partnership, MSMEs and commercial businesses may get N153 million and N610 million.

Wema Bank also recently secured $35 million from the African Development Bank (AfDB) and ICD to fund small businesses.


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