Wema Bank has been in the news lately, for good reasons. It has also been known for its unalloyed financial support to SMEs to encourage their roles as the engine rooms of the economy.
Countless times, it has pledged its continued support for the micro, small and medium enterprise (MSMEs) sector, especially those whose activities were disrupted in the heat of the COVID-19 pandemic.
Apart from Wema Bank recently throwing its weight behind the Duke of Shomolu (DOS) Production, one of the fastest-growing theatre franchises in Nigeria, in its four-stage plays slated for December 2022, the Bank also announced a N1 billion loan support for Small and Medium Enterprises (SMEs) that desire to purchase clean and renewable energy solutions like solar panels, inverters, and batteries.
A quick peep into the “Duke of Shomolu”, an alias of renowned theatre producer and investment banker, Joseph Edgar, who unveiled plans to begin a 9-billion-naira theatre project that will help in the creation of wealth and jobs come 2021.
Wema Bank seems to have its foresight on businesses that could “blow” in the near future. Do you know there is tremendous wealth in theatre which if properly harnessed, will reduce unemployment, boost the country’s economy and most importantly, stop dependence on the government for creation of jobs.
Away from its voyage into arts, Wema recently demonstrated its unwavering support for energy transition in Nigeria by helping businesses in the country to overcome the challenges posed by the rising costs of petrol and diesel in the country.
No doubt, many businesses in the country, including SMEs, depend on fossil fuel for power to run their operations amidst poor power supply and the incessant collapse of the national grid. Consequently, the spike in the prices of fossil fuel products has hit many businesses hard. To overcome the effects of their rising operating costs, several businesses have resorted to passing on the cost to the consumers, leading to a ripple effect on the economy.
The Bank’s commitment, perhaps, is borne out of the realization that SMEs are the engine room of any economy. The ability of MSMEs to stay on sustainably at this time, and even become more attractive for various types of funding support will undoubtedly be strengthened with deepened capacity building support, both on the back and front office ends.
It’s pertinent that other financial institutions should borrow a leaf from Wema, who is leading the crusade to deepen capacity-building support for MSMEs in various areas, ahead of funding support, to enable them position more strongly to stay afloat and even grow in the new normal.
Wema’s renewable-energy-focused loans will provide succour to SMEs across the country by cushioning the effect of the high cost of energy on their businesses. It is creating alternative power options at affordable rates and educating them on the benefits of alternative power in solar energy, to the environment.
Beyond alleviating the effects of rising energy costs, this initiative also feeds into Wema Bank’s strategic thrust of spearheading energy transition in Nigeria and helping businesses in the country to go green.
Interestingly, Wema Bank has gleefully established itself as a dominant player in the Fintech space through the creation of ALAT, which has provided a platform for other Fintech companies to operate.
It’s a nationwide fact that Wema Bank created ALAT, the first fully digital bank in Nigeria, and on whose platform many Fintech companies run their operations. ALAT By Wema, a branchless and paperless bank, was created to drive transformation and redefine experiential banking in Nigeria’s banking sector.
The Bank, not being selfish, has also been seeking for more support for Fintech companies so Nigeria could optimally benefit from the possibilities that the Fintech industry offers.
Indeed, the country needs many Fintech companies to come on board to meet the wide spectrum of Nigerians’ Fintech needs.
We need more Fintech companies that solve many specific problems and not just a group of Fintech companies who are doing the same few things as we currently have.
As an important player in that ecosystem, Wema bank has seen the need to grow the industry and create more opportunities for the upcoming players.
Fintech companies are the core fabric of human’s daily lives, creating apps that help millions of Nigerians to save, transact, invest and do insurance.
Olamide Adeniji is a member of the editorial team of TheScript Newspaper
