Micro, Small, and Medium-sized Enterprises (MSMEs) have consistently shown remarkable resilience and adaptability, driving economic growth and development worldwide, even amid economic downturns and global crises.
In response to the growing need for improved access to financial services to support sustained and inclusive progress, Moniepoint MFB, Africa’s fastest-growing financial institution according to the Financial Times, reaffirms its commitment to providing unparalleled and comprehensive support for MSMEs. This initiative aims to enhance their capacity to achieve the Sustainable Development Goals (SDGs) while fostering innovation, creativity, and sustainable business practices across the country.
According to the United Nations, MSMEs account for over 90% of businesses and 60-70% of employment worldwide, contributing 50% to global GDP. They play a crucial role in sustaining livelihoods, particularly among the working poor, youth, women, and vulnerable workers. In April 2017, the UN General Assembly designated June 27th as “Micro-, Small, and Medium-sized Enterprises Day” to raise awareness of MSMEs’ significant contributions to the SDGs.
On this year’s World MSME Day, Babatunde Olofin, Managing Director of Moniepoint MFB, emphasized that with the right support from governments, financial institutions, and consumers, MSMEs can lead the charge toward a sustainable and prosperous future. He highlighted Moniepoint’s willingness to partner with all stakeholders to create an environment that supports MSMEs in investing, trading, and thriving in both local and global markets, thus harnessing the associated developmental benefits.
“We recognize that MSMEs are the lifeblood of the Nigerian economy. Millions depend on them daily for essentials and sustenance. For businesses across Nigeria, we promise to always be here to make you happy. As we celebrate this year’s World MSME Day, we must acknowledge the hard work, dedication, and perseverance of MSMEs, driving economic stability and fostering sustainable development, helping to eradicate poverty and improve the quality of life for Nigerians,” Olofin said.
He added, “On a day like this, we must renew our commitment to join hands with government agencies, private sector operators, and all stakeholders to continue supporting MSMEs through policies, funding, and capacity-building initiatives. By empowering MSMEs, we pave the way for a more sustainable, inclusive, and prosperous future for all, especially the coming generations.”
Moniepoint MFB has been recognized for its innovative efforts in providing small businesses with access to digital financial services, enabling them to accept payments, access working capital loans, and manage their finances, thereby increasing productivity and customer service, and ultimately fostering growth.
Recently, Moniepoint provided incentives to several business owners across Nigeria to support their operations. These incentives included gift vouchers for inventory restock, sewing materials, and fuel vouchers to address logistics needs. The beneficiaries expressed gratitude, noting that these gestures would significantly boost their productivity and ability to serve their local communities.
MSMEs, being closest to local communities, are vital for creating local jobs and empowering women, youth, persons with disabilities, and other vulnerable groups. Commemorating MSME Day acknowledges the crucial role of this sector, recognizing them as agents of innovation, growth, and sustainability, and highlights their potential to accelerate progress toward the SDGs globally.
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