The Bank of Industry has forged a strategic partnership with Bumpa, a leading digital platform, to empower 200 youth-owned Micro, Small, and Medium Enterprises nationwide.
Olasupo Olusi, managing director of BoI, confirmed this in a statement on Sunday, noting it was under the bank’s youth and skill thematic area.
Mr Olusi said the collaboration aimed to equip young entrepreneurs with knowledge and tools to thrive in a digital economy while promoting financial literacy and inclusive economic growth. He explained that the initiative would also address the critical challenge of market access confronting young entrepreneurs across the country.
According to him, the programme would achieve this by providing tools and training to help participants manage their operations efficiently and enhance productivity.
“It also seeks to drive innovation and enable these businesses to reach a broader customer base,” Mr Olusi stated.
He noted that many MSMEs still rely on manual record-keeping and offline methods, limiting their ability to scale and access financial support.
Mr Olusi said the partnership would solve this by helping youth-owned businesses digitise operations, manage sales and inventory, and connect with customers through mobile devices.
He added that BoI would sponsor a six-month free subscription to Bumpa’s suite of business management tools for selected beneficiaries.
These tools, he said, would support digital transformation, improve sales performance, and foster sustainable growth among participating MSMEs.
Mr Olusi listed key features such as creating and managing online stores, receiving digital payments, tracking inventory, and analysing performance through detailed business analytics.
He added that the platform also enabled multi-channel integration, customer engagement via bulk SMS and emails, and offered multi-currency payment options for cross-border transactions.
“These features are designed to streamline operations and significantly enhance business performance,” he explained.
Mr Olusi emphasised that the initiative reinforced BoI’s commitment to bridging structural gaps hindering MSME growth and promoting sustainable economic development.
He reaffirmed BoI’s dedication to tackling access-to-market challenges and supporting MSMEs to grow, create jobs, and strengthen Nigeria’s economy.
(NAN)