The Managing Director, Moniepoint Microfinance Bank (Moniepoint MFB), Babatunde Olofin, has underscored the importance of micro, small and medium enterprises as enablers of diverse economic growth.

Olofin said MSMEs can lead the charge towards a sustainable and prosperous future with proper support from governments, financial institutions and consumers.

He noted that from economic downturns to global crises, MSMEs have continued to demonstrate remarkable resilience and adaptability, in facilitating economic growth and development across borders.

He outlined that, driven by the increased need to improve access to financial services to power sustained and inclusive progress, Moniepoint MFB remains committed to providing peerless and holistic support for MSMEs in order to boost their capacity to achieve the Sustainable Development Goals.

He said the bank would continue to promote innovation, creativity, and sustainable business practices across the country.

According to him, Moniepoint is willing to partner with all stakeholders to create an environment that supports MSMEs in their efforts to invest, trade, and thrive in local and global markets, harnessing the attendant developmental benefits.

“We recognize that MSMEs are the lifeblood of the Nigerian economy. Millions of people depend on them everyday for food, daily necessities, and sustenance.

“For businesses across Nigeria, we have just one promise – we’re always going to be here to make you happy.

“As we celebrate this year’s World MSME Day, we must all acknowledge the hard work, dedication, and perseverance of MSMEs and the driving  charge to not only bolster economic stability but also foster sustainable development, helping to eradicate poverty and improve quality of life for Nigerians.

“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.

He noted that Moniepoint MFB has been widely recognised for its innovative efforts at giving small businesses access to digital financial services, including the ability to accept payments, access working capital loans and manage their finances, that helps them to increase productivity, serve customers better, and ultimately to grow.

According to him, in its bid to further champion the survival of small businesses, Moniepoint MFB recently provided incentives to some business owners across Nigeria to ensure the lights are kept on.

Gift vouchers ranging from three-month worth of inventory restock for a general retail services provider to two-month worth of sewing material to a tailor even as a food and drinks supplier received a fuel voucher in order to solve his logistics needs amongst other recipients.

The beneficiaries, who expressed their gratitude to Moniepoint, noted that the gesture would go a long way to boost their productivity and ensure that they can better serve their local communities.

“As the sector closest to local communities, MSMEs are essential for creating local jobs, empowering women, youth, persons with disabilities and other groups in vulnerable situations. Commemorating MSME Day is a recognition that this vital sector, who are the agents of innovation, growth, and sustainability, at the heart of our societies has tremendous potential to unlock critical pathways to accelerate SDG progress across the globe”, Olofin said.

According to the United Nations, MSMEs account for over 90 per cent of businesses and 60 to 70 per cent of employment worldwide.

#These enterprises make up 50 per cent of global Gross Domestic Product (GDP). They contribute to the global economy and sustain livelihoods, particularly among the working poor, youth, women, and workers in vulnerable situations.

It will be recalled that following a resolution adopted by the UN General Assembly in April 2017, 27th of June was designated as “Micro-, Small, and Medium-sized Enterprises Day” to raise awareness of the tremendous contributions of MSMEs to the achievement of the United Nations Sustainable Development Goals (SDGs).