Financial Services are Essential for Empowering MSMEs, Moniepoint MD says

Olufemi Adeyemi 

The Managing Director of Moniepoint MFB, Babatunde Olofin, underscored the pivotal role of Micro, Small, and Medium-sized Enterprises in propelling a sustainable economy.

During this year’s World MSME Day, Olofin emphasized the pivotal role of financial services in empowering Micro, Small, and Medium-sized Enterprises globally..

He emphasized the significance of support from governments, financial institutions, and consumers. He stated that partners such as Moniepoint are crucial in establishing an environment that enables MSMEs to invest, trade, and flourish in both local and global markets, thereby harnessing developmental advantages.

In a statement released on Sunday, Moniepoint’s Managing Director emphasized the crucial role of Micro, Small, and Medium Enterprises (MSMEs) in the Nigerian economy. These enterprises serve as the backbone of the nation, providing essential goods and services to millions of individuals daily. The company’s unwavering commitment to its customers is to ensure their satisfaction and success. As we commemorate World MSME Day, it is imperative to recognize the tireless efforts, dedication, and resilience of MSMEs. Their contributions drive economic stability, foster sustainable development, and play a pivotal role in poverty eradication and enhancing the quality of life for Nigerians.

“MSMEs are essential for creating local jobs and empowering women, youth, persons with disabilities, and other vulnerable groups. Celebrating MSME Day acknowledges that these agents of innovation, growth, and sustainability hold the potential to unlock critical pathways for accelerating SDG progress globally.

“On a day like this, we must renew our commitment to join hands—agencies of government, 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”, Olofin said.

From economic downturns to global crises, MSMEs have shown remarkable resilience and adaptability, driving economic growth and development across borders.

Moniepoint MFB, Africa’s fastest-growing financial institution according to the Financial Times, has reaffirmed its commitment to providing unparalleled support for MSMEs.

This effort, according to Olofin, aims to enhance its capacity to achieve the Sustainable Development Goals while promoting innovation, creativity, and sustainable business practices nationwide.

Olofin stated that, according to the United Nations, MSMEs constitute over 90% of businesses and contribute 60-70% of employment globally, accounting for 50% of the world’s GDP. These enterprises are crucial to the global economy and provide sustenance to livelihoods, especially among the working poor, youth, women, and vulnerable workers.”

July 01, 2024