For this pilot project, the Bank of Industry (BOI) has partnered strategically with Bumpa, a well-known digital platform, to empower 200 youth-owned MSMEs in Nigeria. The Bank claims that by providing young entrepreneurs with the resources and training they need to effectively run their businesses and increase productivity, this partnership, which is being carried out under the Bank’s Youth and Skills Thematic Area, intends to address the crucial issue of market access. The project also aims to spur innovation and help these companies reach a wider clientele, the bank said in a statement. Many MSMEs in Nigeria continue to use offline sales techniques and manual record-keeping, which restricts their capacity to grow and obtain financing. As a result, BOlclaimed that the partnership will help youth-owned businesses use their mobile phones to manage sales and inventory, digitize their operations, and connect with more customers. “The Bank will be sponsoring a six-month free subscription to Bumpa’s suite of business management tools for selected participants, which will support the digitization of operations, enhance sales performance, and drive sustainable growth for MSMEs,” the statement said, acknowledging the crucial role MSMEs play in creating jobs.
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