Economy
Wema Bank Empowers 100,000 MSMEs in Ekiti State
- ….Launches Ekiti-Wema MSME Empowerment Programme for Youth and Businesses.
Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has partnered with the Ekiti State Government through the Ministry of Wealth Creation and Employment to launch the Ekiti-Wema MSME Empowerment Programme for youth and businesses in Ekiti State.
Launched on Monday, August 5th, 2024, the Ekiti-Wema MSME Empowerment Programme is an initiative designed to train and empower 100,000 youth and Micro, Small and Medium Enterprises (MSMEs) operating within Ekiti State with business management, digital empowerment and finance management skills for success. Leveraging the immense potential of Nigerian youth and the economic opportunities presented by MSMEs, the Ekiti-Wema MSME Empowerment Programme is strategically curated to help the youth of Ekiti State maximise their potential while equipping businesses for sustainable growth and productivity, towards boosting the state’s macroeconomic conditions.
The Ekiti-Wema MSME Empowerment Programme is set to be executed through virtual and physical training sessions cutting across business management, digitalisation, and financial management, additionally providing access to mentorship support from experienced and successful entrepreneurs from within and outside Nigeria. These participants will also receive a certificate of participation upon completion of their training course. Beyond the trainings, participants will also gain access to market and assistance in securing finances to put their learnings to practice and scale their operations. This comprehensive approach ensures that the Programme not only enhances the capabilities of youth and MSMEs in Ekiti State but also facilitates their sustained growth and contribution to the economic development of Ekiti State.
Reiterating the Bank’s commitment to pioneering solutions, initiatives and partnerships for the growth and success of Nigerians, Wema Bank’s Executive Director of Retail and Digital Business, Tunde Mabawonku, encouraged youth and businesses in Ekiti State to seize this unique opportunity for their success. “As Nigeria’s most innovative bank, we have committed to concerting efforts, pooling resources where ideal and going the extra mile in developing solutions that address the needs of our people and ultimately empower them to thrive. Our robust portfolio attests to this deep-rooted commitment and with the Ekiti-Wema MSME Empowerment Programme, we are extending the reach of our positive impact, positively enhancing the lives and businesses of the Ekiti State people and empowering them with the skills, knowledge, and expertise needed to thrive in today’s competitive market. Our approach is granular yet comprehensive, bringing tailored solutions for growth to the youth and businesses of Ekiti State right within their vicinity. We hope that through this initiative, Ekiti State will become a hub of productivity and economic buoyance, and the domino effect of this economic boost will translate on the national scale, improving our nation’s macroeconomic indicators for the best”, Mabawonku said.
The Ekiti State Honourable Commissioner for Wealth Creation and Employment, Otunba Kayode Fasae, added, “Our goal with this partnership with Wema Bank is to implement a two-pronged approach that contains two missing key ingredients of wealth creation and employment generation, which are skill development and finance. Wema Bank has been extremely supportive in working with the Ekiti State Government for the success of our people. You would recall that in 2020, the Bank collaborated with the State to sponsor the training of 2500 youth under the Central Bank of Nigeria’s AgriBusiness Small Medium Enterprise Investment Scheme (AGSMEIS) and now, four years later, we are proud to announce the birth of yet another groundbreaking partnership with the Bank, the Ekiti-Wema MSME Empowerment Programme. We reiterate our unwavering commitment to maximise the deliverables of this Programme to serve as a veritable intervention platform for skill development and panacea for employment and wealth creation”.
Wema Bank continues to expand its network, partnering with reputable individuals, institutions, and entities on state and federal levels to provide viable solutions for Nigerians across the world, empowering them to thrive in both personal and professional endeavours. With the Ekiti-Wema MSME Empowerment Programme, Wema Bank is set to transform 100,000 lives and businesses across Ekiti State.
Interested Youth and Businesses in Ekiti State are to visit https://wema-ekitisme.alat.ng/register to register for the Ekiti-Wema MSME Empowerment Programme.
- …Sets the stage for a future of more possibilities
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has officially marked the incredible milestone of its 80th anniversary on Friday, May 2nd, 2025.
Celebrated as Nigeria’s oldest indigenous bank, Wema Bank was founded on May 2nd, 1945, as Agbonmagbe Bank Limited; an institution that has now evolved from a single-branch operation aimed at empowering indigenous Nigerians into a formidable force that continues to blaze the trail in Nigeria’s banking and financial industry.
From bridging gaps in access to finance for underserved Nigerians to empowering businesses with insightful financial solutions and support, providing a platform for other industries to thrive and proactively delivering financial solutions tailored to the needs of every Nigerian, Wema Bank has built a legacy of impact for 8 decades. With millions of customers and global presence via 150+ branches and the ALAT App, Wema Bank continues to set the pace in customer-centric innovation and impactful banking.
Extending heartfelt gratitude to the Bank’s stakeholders, Moruf Oseni, the MD/CEO of Wema Bank reiterated the Bank’s commitment to continue going above and beyond in service of its customers in the decades to come. According to him, “Wema at 80 is a milestone that extends deeply into the very roots of the industry, the people and the nation. This is an 80-year-old bank that began to set the pace for indigenous businesses in the depths of colonial rule and has remained resolute in carrying on that mission since 1945, showing the world that ‘Nigerian-owned’ can last, and institutions can be agents of transformation in their own capacity. It’s a journey I am deeply proud of and I cannot celebrate alone”.
“I take this moment to express my sincerest gratitude to every person and institution that has played a part in Wema Bank’s success story. From our customers to shareholders, investors, partners to employees past and present, and every other stakeholder whose efforts run in the veins of this great Bank. We are Wema and I take this moment, on behalf of the Board and Management of the Bank, to reiterate our lifelong commitment to you. Wema Bank is built to last, Wema Bank is built for you and Wema Bank will never relent in delivering optimum value to you. It has been 80 years of impact, and as we look ahead to a future of limitless possibilities, our promise to you remains the same. We Are With You, All The Way!”, Oseni concluded.
Wema Bank’s 80th anniversary has taken the world by storm, with a major highlight being the Wema at 80 Gala Night scheduled to hold in Lagos at 6 p.m. on Friday May 2nd, 2025. Headlined by Afrobeats stars Davido and Wande Coal, Fuji legend Ayuba, vocal sensation Yinka Davies, 9ice and a star-studded lineup of celebrities, dignitaries and stakeholders; the night promises to be one for the books, convening 8 decades of generations in a glamorous ceremony themed ‘Timeless Elegance’.
Anyone can be a part of the Wema at 80 Gala Night by tuning in live at 7 p.m. to the Bank’s YouTube Channel as well as select national TV stations.
The naira appreciated slightly in the parallel market on Tuesday, trading at N1,618 per dollar, an improvement from N1,620 per dollar recorded on Monday.
However, at the Nigerian Foreign Exchange Market (NFEM), the currency depreciated to N1,604 per dollar, compared to N1,599 per dollar the previous day.
Data from the Central Bank of Nigeria (CBN) indicated a N5 drop in the naira’s value at the official window, further reflecting volatility in the forex market.
As a result, the exchange rate gap between the parallel market and the official market narrowed to N14 per dollar, down from N21 per dollar on Monday, signaling a slight convergence between both market rates.
Nigeria’s headline inflation rate surged to 24.23 percent in March 2025, up from 23.18 percent recorded in February, according to the National Bureau of Statistics (NBS).
The figures were released in the bureau’s latest Consumer Price Index (CPI) Report published today. The data indicates a 1.05 percentage point increase month-on-month, and a 4.40-point rise in the CPI, which now stands at 117.34.
The NBS stated, “In March 2025, the headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%.”
This continued rise in inflation is attributed to persistent food price hikes, supply chain challenges, and currency pressures, according to analysts monitoring economic trends.
The development is likely to influence future monetary policy decisions as economic stakeholders assess the impact on household purchasing power and overall cost of living.
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