As Nigeria marks World MSME Day on June 27, the spotlight falls on Wema Bank — the country’s oldest indigenous financial institution — for its enduring commitment to the growth and sustainability of micro, small, and medium-sized enterprises (MSMEs). For eight decades, Wema Bank has played a pivotal role in fostering indigenous entrepreneurship, supporting thousands of businesses through capital, capacity building, digital innovation, and strategic partnerships.
MSMEs: The Backbone of Nigeria’s Economy
Globally, MSMEs contribute over 90% of businesses and 60–70% of employment, according to the United Nations. In Nigeria, they account for 96.9% of all enterprises, 87.9% of employment, and over 46% of GDP. Despite their significant contribution, the sector faces challenges including access to finance, market linkage, and operational inefficiencies — gaps that Wema Bank has consistently stepped in to address.
Wema Bank’s Historic Foundation
Established in 1945, Wema Bank was birthed by the vision of Chief Mathew Adekoya Okupe, a trader and former employee who recognised the limitations indigenous businesses faced under colonial rule. He created a bank to serve Nigerian entrepreneurs — one tailored to their specific needs, realities, and ambitions. This marked the beginning of Wema’s enduring mission: to support indigenous enterprise through inclusive, innovative, and forward-thinking banking services.
A Trailblazer in Digital Banking
In 2017, Wema Bank launched Africa’s first fully digital bank, ALAT, revolutionising banking by offering services that were accessible anytime, anywhere. A year later, ALAT for Business was introduced, giving MSMEs a digital platform to manage finances, process payments, and access banking tools efficiently.
To further support business owners, the bank created the SME Toolkit, a digital suite offering tools such as:
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ALATPay: A seamless payment gateway for instant, multicurrency transactions.
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SME Business School: A practical learning platform for entrepreneurs.
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Business Advisory Services: Tailored guidance for sustainable operations.
These solutions were designed to drive efficiency, eliminate bottlenecks, and help MSMEs remain profitable and resilient in a rapidly changing economy.
Supporting Innovators and Startups
Recognising the role of youth in Nigeria’s economic future, Wema Bank launched Hackaholics in 2019 — a nationwide tech competition that has since discovered over 5,000 innovative ideas and disbursed more than $200,000 in grants. The initiative not only fosters creativity but nurtures scalable ventures with real-world impact.
Moreover, Wema Bank opened its infrastructure to emerging fintech startups, empowering over 80% of Nigerian fintechs with access to secure and reliable banking systems — a bold move that reinforced its position as a foundational player in Nigeria’s tech ecosystem.
Holistic Empowerment Through Strategic Partnerships
True to its motto, “With You, All The Way,” Wema Bank has forged high-impact collaborations that have transformed MSME support into a national strategy. Notable partnerships include:
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FGN-ALAT Digital Skillnovation Programme: Empowering 2 million youths and 1 million MSMEs with digital and entrepreneurial skills.
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NYSC-ALAT Accelerator Programme: Assisting corps members with business training and funding support for post-service ventures.
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Transforming Nigerian Youth Programme: In collaboration with Pan-Atlantic University’s Enterprise Development Centre, this initiative strengthens managerial and entrepreneurial capacity nationwide.
Over the past three years alone, Wema Bank has disbursed over ₦350 billion in business loans and grants, invested ₦300 million in financial literacy, and facilitated ₦6 billion in market access initiatives — all in support of business growth and sustainability.
Real Stories, Real Impact
The stories of empowered entrepreneurs across Nigeria are testaments to Wema Bank’s influence. From Elizade Motors, a leading auto dealer built with early Wema Bank support, to Chrisbecks Leather, which executed a large contract thanks to quick financing, the bank’s impact spans generations and sectors.
Others like Sakinah Bello of Berriepearl Enterprise and George Chukwuka, an aluminum fabricator, credit the bank for transforming their businesses. Their shared experiences point to Wema Bank’s unique ability to combine empathy, insight, and innovation in service to Nigeria’s entrepreneurial community.
A Future Fueled by Possibility
Wema Bank’s legacy is rooted not just in its longevity, but in its consistent ability to adapt, innovate, and lead. As MSMEs continue to play a central role in job creation and economic recovery, Wema Bank stands positioned to deepen its impact by evolving with the needs of entrepreneurs and the demands of a digital, globalised economy.
As Nigeria celebrates World MSME Day, Wema Bank remains a symbol of unwavering support, opportunity, and resilience — proving that the journey of building a thriving business in Nigeria doesn’t have to be walked alone.
Wema Bank at 80: A legacy built on trust. A future defined by empowerment.
