Micro, Small, and Medium-sized Enterprises (MSMEs) have proven to be remarkably resilient and adaptable in promoting cross-border economic growth and development, even in the face of economic downturns and global crises.
Africa’s fastest-growing financial institution, according to the Financial Times, Moniepoint MFB, has reaffirmed its commitment to offering MSMEs unparalleled and comprehensive support to increase their capacity to achieve the Sustainable Development Goals while fostering innovation, creativity, and sustainable business practices throughout the nation. This commitment is motivated by the growing need to improve access to financial services to power sustained and inclusive progress..
According to the United Nations, MSMEs account for over 90% of businesses and 60-70% of employment worldwide. These enterprises make up 50% of global 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).
Speaking on the commemoration of this year’s World MSME Day, Managing Director, Moniepoint MFB, Babatunde Olofin noted that MSMEs can lead the charge toward a sustainable and prosperous future with the proper support from governments, financial institutions, and consumers at large while explaining that enablers like Moniepoint is willing to partner with all stakeholders to can 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 the charge to not only bolster economic stability but also foster sustainable development, helping to eradicate poverty and improve quality of life for Nigerians,” Olofin said.
He continued, “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.”
Moniepoint MFB has been widely recognized 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.
In a bid to look out and champion the survival of small business even as the world celebrates MSMES, the financial services powerhouse recently provided incentives to some business owners across Nigeria to ensure the lights are kept on. Gift vouchers ranging from 3 months worth of inventory restock for a general retail services provider to two months worth of sewing material to a tailor even as a food & 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 these 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.
