In line with a critical mandate, of the Federal Government to unleash Nigeria’s full economic potential by focusing on job creation, access to capital for small and large businesses and inclusiveness, the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees, Moniepoint Microfinance Bank Limited and the Corporate Affairs Commission (CAC) have joined forces to digitize and formalize operations for over 2 million small and medium businesses across Nigeria. This unprecedented move will foster economic growth, ensure alignment with regulatory compliance whilst providing SMEs with access to capital that will enable them unlock their potentials, contribute significantly to job creation and drive shared prosperity.
In a brief ceremony which was held at the Bank of Industry, BOI office in Abuja, Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, while describing the initiative as monumental, reiterated the Federal Government’s commitment to catalyzing economic development by supporting small and medium businesses with funding, thus creating a conducive environment for them to flourish and generate more opportunities.
Acknowledging Moniepoint’s innovative strides, Dr. Uzoka-Anite pledged greater collaboration towards formalizing additional MSMEs. She noted that the Federal Government was prepared to deepen its engagement with the company, adding that it would consider its request for provision of cheaper funding and grants to enable it draw more small businesses into the formal space, as well as create an enabling environment for them to thrive.
“The current administration is excited and passionate about creating jobs, ensuring financial inclusion and poverty alleviation. These things add up towards economic development. A lot of people have ideas but are impeded by lack of access to the right learning environment and education. Which is why we are happy to collaborate and support players like Moniepoint to bring more people into the financial sector and help the government achieve its mandate,”, the Minister said.
On his part, Managing Director, Moniepoint MFB, Mr. Babatunde Olofin expressed delight at the partnership and said that the engagement was in furtherance of the organization’s mantra of powering dreams while creating a society where everyone experiences financial happiness.
He said, “”We recognize that these businesses are the lifeblood of economies, so their growth directly supports the entire economy, essentially extending our ability to positively impact everyone else. We are heavily invested in super charging Nigeria’s economic ambitions so that enormous employment opportunities can be created and lift millions of Nigerians out of poverty. This initiative is in strong alignment with the Federal Government’s agenda – financial inclusion, job and wealth creation and economic growth. Our target is that in 5 years, we will onboard 30 million businesses in collaboration with the CAC as we leverage technology to create a win-win situation for all stakeholders.”
Registrar-General/Chief Executive, CAC, Hussaini Ishaq Magaji, SAN lauded the Minister for her visionary strides since assumption of office, noting that the feats recorded by the agency were results of the robust support and guidance she has consistently provided. He stated that the commission’s objective of formalizing 20 million small businesses while describing the 2 million businesses sign-up with Moniepoint MFB as a watershed moment in Nigeria’s economic trajectory which heralds a transformative shift that will lay a sturdy foundation for sustained growth and prosperity in Nigeria.
“Mr. President has promised 50 million jobs for the youths. This ground-breaking ceremony will set the target off. What we are witnessing today has never happened before in Nigeria. The participation of all these stakeholders underscores the profound significance of this occasion, symbolizing a unified resolve to propel Nigeria’s economic landscape towards unprecedented heights of progress and promise,” said the CAC boss.
The registration of businesses and organizations across the nation has been a core mandate of the CAC over the years. This mandate which confers legal identities on businesses has been instrumental to connecting enterprises to essential opportunities that have facilitated access to financial facilities, and enabled them to increase their revenue streams.