Wema Bank has announced the launch of the Wema Export Trade Academy, a comprehensive training programme designed to equip Nigerian Small and Medium Enterprises (SMEs) with the essential skills and tools needed to succeed in the competitive landscape of global trade.

Moruf Oseni, the Managing Director and Chief Executive Officer of the bank, this initiative represents Wema Bank’s commitment to enhancing the capacity of Nigerian businesses, supporting their ambitions to thrive on an international scale.

Oseni said the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets.

The Academy is specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.

Through the Wema Export Trade Academy, SMEs will benefit from expert-led sessions, mentorship from industry professionals, and practical insights into international business practices, positioning them to make significant contributions within global markets.

The programme also places emphasis on building a network of Nigerian exporters, encouraging peer support and collaboration, while fostering connections between businesses and international trade facilitators.

Oseni said: “This holistic approach to export training will enhance efficiency and productivity, empowering Nigerian businesses to become competitive players in the global economy.

“The Wema Export Trade Academy reinforces Wema Bank’s dedication to building the capacity of Nigerian businesses and supporting their evolution into formidable global competitors.

“By addressing the barriers in export trade, we are enabling Nigerian SMEs to seize new opportunities in international markets, which aligns with our vision to empower lives and support sustainable business growth.

“The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions.

“With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.

“Wema Bank continues to set the standard for innovation within Nigeria’s financial services industry, supporting individuals and businesses across various sectors to achieve sustainable growth.

“The Wema Export Trade Academy represents the latest stride in Wema Bank’s mission to empower Nigerian SMEs, further strengthening its reputation.”

MTN Foundation is set to celebrate a milestone—its 20th Anniversary—with a series of events designed to reflect on its contributions to communities across Nigeria.

The anniversary conference will take place on November 6, 2024, in Abuja, while the celebratory dinner is scheduled for November 14, 2024, in Lagos.

These events will bring together key stakeholders from both the public and private sectors, highlighting the Foundation’s commitment to sustainable development and community engagement.

Since its inception in 2004, the Foundation has been at the forefront of corporate social responsibility (CSR) initiatives in Nigeria. It was one of the first corporate entities in the country to establish a dedicated foundation for managing CSR activities.

The Foundation was officially commissioned in May 2005, with MTN Nigeria Communications PLC pledging to allocate up to 1% of its Profit After Tax (PAT) for funding various projects aimed at improving lives across the nation.

Over the past two decades, the Foundation has invested over NGN 24.73 billion into impactful projects that span all 36 states and the Federal Capital Territory (FCT). With more than 1,023 project sites across Nigeria, the Foundation has successfully executed 50 unique projects, reaching over 31 million people.

These initiatives have addressed critical areas such as education, health, youth empowerment, and arts and culture, making a significant difference in the lives of countless Nigerians.

As part of this celebration, the Foundation will unveil its new logo along with refreshed mission and vision statements.

This rebranding effort symbolizes a renewed commitment to its core values and goals as it looks toward the future.

Odunayo Sanya, Executive Director of MTN Foundation, expressed her enthusiasm for the upcoming celebrations and reflected on the journey thus far.

“This anniversary is both a celebration of our impact in Nigeria and a commitment to do more,” Sanya stated.

“We have always believed in the power of collaboration and community engagement to drive meaningful change.

“As we gather to reflect on our journey, we look forward to engaging with our partners and stakeholders to explore new avenues for sustainable development.”

The upcoming anniversary events aim to foster dialogue among leaders from various sectors, encouraging collaboration that can lead to innovative solutions for pressing societal challenges.

The conference will feature keynote speakers and panel discussions around national development and youth empowerment, as well as interactive sessions designed to inspire participants and share best practices in CSR and community development.

In addition to its focus areas, the Foundation has been instrumental in promoting digital literacy among Nigerian youth through various educational programs. By leveraging technology as a tool for empowerment, the Foundation has equipped thousands of young people with skills necessary for success in an increasingly digital world.

The anniversary conference and dinner are expected to be engaging experiences that will not only celebrate two decades of impact but also set the stage for future initiatives aimed at fostering community growth and resilience.

By bringing together diverse stakeholders, MTN Foundation hopes to ignite conversations that lead to actionable strategies for addressing Nigeria’s most pressing challenges.

The upcoming anniversary events promise to be an inspiring celebration of progress made while looking forward to new horizons in community development.

To increase the availability of affordable finance and strengthen local enterprises and supply chains across Africa, IFC, a member of the World Bank Group, announced a strategic partnership with leading global supply chain finance platform, C2FO.

The partnership will see IFC and C2FO jointly develop, test, and deploy a specialized, web-based multinational working capital platform for micro, small, and medium enterprises (MSMEs) across Africa. This is IFC’s first dedicated supply chain financing facility in Africa for smaller businesses.

MSMEs account for up to 90 percent of businesses and 80 percent of jobs across the continent, yet these enterprises struggle to obtain working capital through the traditional financial system, constraining the growth of firms. Such financing is critical for helping build more sustainable economic ecosystems, and for strengthening food security, a strategic priority announced by World Bank President Ajay Banga last week.

The program will utilize C2FO’s patented technology and dynamic discounting model to connect MSME suppliers and their anchor buyers with global and local financial institutions. Those institutions will use the platform to extend affordable receivables financing to suppliers through the funding of discounted invoices accepted for payment by buyers.

In turn, African MSME suppliers will be able to improve their access to working capital by converting sales receivables into immediate cash, leveraging the better credit risk of buyers without requiring collateral or facing other barriers of traditional lending.

“IFC is committed to addressing the financing challenges faced by SMEs in Africa. By partnering with C2FO, we aim to unlock significant funding opportunities for these enterprises, enabling them to thrive and contribute to economic growth,” said Makhtar Diop, IFC Managing Director.

The program will begin in Nigeria, where C2FO estimates that a national supply chain finance platform could unlock around US$25 billion in annual financing for MSMEs. IFC has estimated that for every US$1 million of working capital made available in developing countries,16 new jobs are created over two years.

“C2FO is honored and delighted to collaborate with IFC to broaden the global impact of our working capital finance model throughout Africa. We believe this innovative approach will provide much-needed liquidity to MSMEs, helping them to grow and succeed,” said Alexander “Sandy” Kemper, C2FO founder and CEO. “It’s only natural that this work begins in Africa’s most populated country, Nigeria, which has an especially promising small business sector.”