By Rukayat Moisemhe
Bank of Industry (BoI) has signed a Memorandum of Understanding (MoU) with Bumpa, a Nigerian digital platform, to empower youth-led Micro, Small and Medium Enterprises (MSMEs) through digital innovation and expanded market access.
Dr Olasupo Olusi, Managing Director, BoI, during the partnership launch and capacity-building ceremony on Thursday in Lagos, said the partnership marked a key milestone in the bank’s 2025–2027 corporate strategy.
Olusi, represented by Mr Oluwatoyin Edu, Executive Director, Risk and Technology, BoI, stated that the development aligned with President Bola Tinubu’s Renewed Hope Agenda for youth innovation and support.
He noted that the initiative aligned with the youth and skills thematic area of the strategy, designed to equip young entrepreneurs with digital tools to manage and grow their businesses.
The BoI MD said that under the partnership, selected youth-led MSMEs would receive a free six-month Bumpa subscription.
This, he revealed, would enable them to create online stores, track inventory, process orders, engage customers, and monitor performance through their smartphones.
“This partnership is more than a formal agreement; it is a shared commitment to innovation, inclusion, and impact.
“We believe that empowering young entrepreneurs with the right tools will strengthen job creation, economic resilience, and national development,” he said.
Olusi commended the youth and skills thematic team for its foresight and the Bumpa team for building technology that supports grassroots businesses.
He reaffirmed BoI’s commitment to supporting youth-led enterprises through innovation, collaboration, and strategic partnerships.
Mrs Aderonke Akinluyi, Youth and Skills Thematic Champion at BoI, noted that about 77 per cent of Nigeria’s population was under the age of 35, underscoring the importance of youth empowerment and skills acquisition to national growth.
She said the bank’s focus under the youth and skills thematic group was threefold.
They include supporting access to vocational and entrepreneurial training, providing patient capital for youth entrepreneurs, and offering advisory and business development support.
She added that these interventions were designed to reduce unemployment and nurture a new generation of skilled, innovative, and enterprising Nigerians.
Highlighting the vital role of MSMEs, Akinluyi said they contribute about 48 per cent to Nigeria’s GDP and employ roughly 84 per cent of the country’s workforce, making them a key driver of economic growth.
“Entrepreneurship is not for the faint-hearted, especially in Nigeria, and we salute the resilience and creativity of our MSMEs who continue to drive innovation despite challenges,” she said.
She also restated BoI’s commitment to providing single-digit, long-tenor financing options and facilitating access to both local and international markets for entrepreneurs.
She described the BoI–Bumpa partnership as a strategic move to enhance digital transformation among youth-led businesses, helping them “sell smarter, scale faster, and reach wider markets than ever before.”
“With Bumpa, small businesses can create online stores, manage sales, connect with customers across various digital platforms, and receive payments in multiple currencies, all from a mobile phone,” Akinluyi said.
Chief Executive Officer, Bumpa, Mr Kelvin Umechukwu, said the development would transform how small businesses operate by providing them with access to simple digital tools.
Umechukwu said the initiative would equip youth-owned enterprises with a free six-month Bumpa subscription, enabling them to create online stores, manage inventory, engage customers, and track business performance from their smartphones.
He said the company’s mission was to make technology accessible to every entrepreneur, stressing that digital adoption was no longer optional but essential for business growth.
“I am honoured that we are doing this with the Bank of Industry because it sets the stage for so many things to happen for business owners in Nigeria.
“At Bumpa, we believe every business is a tech business, as technology is no longer separate from commerce, it powers it.
“From a single mobile phone, a business in Nigeria can now reach customers around the world, compete globally, and manage operations seamlessly,” he said.
He noted that the partnership would not only enhance access to digital tools but also provide hands-on support for participating businesses over the next few months.
According to him, the initiative will track tangible results such as job creation, revenue growth, and technology adoption among participating MSMEs.
“Not a lot of organisations are putting their money where their mouth is, but BoI has decided to give youth businesses as much advantage as possible.
“We are grateful for this partnership and excited for the opportunities it will unlock,” he said. (NAN)(www.nannews.ng)
Edited by Olawunmi Ashafa
