Moniepoint celebrates MSMEs as global economic drivers, SDG champions on World SME Day

Onome Amuge

Moniepoint MFB,Africa’s fastest growing financial institution according to the Financial Times,has reiterated its commitment to providing peerless and holistic support for Micro, small and medium enterprises (MSMEs) in order to boost their capacity to achieve the Sustainable Development Goals, while promoting innovation, creativity, and sustainable business practices across the country.

Moniepoint, cognisant of the pivotal role played by MSMEs in driving economic growth and development globally,highlighted its commitment to provide enhanced access to financial services for these businesses. This commitment is even more significant in the context of the World MSME Day celebrated annually on June 27th, indicating the vital role that MSMEs play in achieving inclusive and sustained progress.

In a statement in commemoration of World MSME Day, Moniepoint underscored the enormous contribution of MSMEs to the global economy and livelihoods, especially among women, youth, and the working poor. Citing a United Nations report, the micro finance bank observed that MSMEs account for over 90 percent of businesses and contribute a significant 60-70 percent to global employment. Additionally, these enterprises constitute half of the world’s GDP, a testament to their immense economic importance.

The designation of 27th June as World Micro-, Small, and Medium-sized Enterprises Day serves as a timely reminder of the invaluable contributions of MSMEs towards the realization of the Sustainable Development Goals set forth by the United Nations. The resolution adopted by the UN General Assembly in April 2017 underscores the role of MSMEs in advancing economic growth, creating jobs, fostering innovation, and contributing to the overall wellbeing of societies across the world.

As the sector closest to local communities, MSMEs are considered  essential for creating local jobs, empowering women, youth, persons with disabilities and other groups in vulnerable situations. According to Moniepoint, 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.

Speaking on the commemoration of this year’s World MSME Day, Babatunde Olofin, managing director, Moniepoint MFB,  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 theirefforts to invest, trade, and thrive in local and global markets, harnessing the attendant developmental benefits.

“We recognise 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,” he said.

Olofin urged stakeholders across all sectors to double down on their efforts to foster a supportive environment for the flourishing of MSMEs. He also called for increased policy support, funding, and capacity-building initiatives from government agencies, private sector operators, and other relevant parties to empower MSMEs and, ultimately, propel the world towards a more sustainable, inclusive, and prosperous future for generations to come.

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.

In keeping with its mission to champion the success and sustainability of small businesses, Moniepoint MFB recently provided business owners across Nigeria with various incentives to help keep their businesses afloat. The company extended a generous helping hand to a diverse range of small business owners across the country, offering gift vouchers that addressed their individual needs. From a tailor receiving two months’ worth of sewing material to a food & drinks supplier being granted a fuel voucher to resolve their logistical issues, Moniepoint’s act of kindness brought much-needed support to these entrepreneurs, allowing them to not only strengthen their local communities but also elevate their productivity and profitability. The beneficiaries, overwhelmed with gratitude, expressed their heartfelt appreciation to Moniepoint for the thoughtful initiative.