Financial services key to empowering MSMEs, says Moniepoint MD

The Managing Director, Moniepoint MFB, Babatunde Olofin has emphasised the critical role of Micro, Small, and Medium-sized Enterprises the world over.
in driving sustainable and prosperous futures.

Speaking on this year’s World MSME Day, Olofin said financial services are key to empowering Micro, Small, and Medium-sized Enterprises the world over.

He highlighted the importance of support from governments, financial institutions, and consumers, stating that partners like Moniepoint are essential in creating an environment that allows MSMEs to invest, trade, and thrive in both local and global markets, leveraging developmental benefits.

In a statement sent to PUNCH Online on Sunday, Moniepoint MD said, “We recognize that MSMEs are the lifeblood of the Nigerian economy. Millions of people depend on them every day 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 acknowledge the hard work, dedication, and perseverance of MSMEs. They drive economic stability and sustainable development, helping to eradicate poverty and improve the quality of life for Nigerians.

“MSMEs are essential for creating local jobs and empowering women, youth, persons with disabilities, and other vulnerable groups. Celebrating MSME Day acknowledges that these agents of innovation, growth, and sustainability hold the potential to unlock critical pathways for accelerating SDG progress globally.

“On a day like this, we must renew our commitment to join hands—agencies of government, private sector operators, and all stakeholders—to continue supporting MSMEs through policies, funding, and capacity-building initiatives. By empowering MSMEs, we pave the way for a more sustainable, inclusive, and prosperous future for all, especially the coming generations”, Olofin said.

From economic downturns to global crises, MSMEs have shown remarkable resilience and adaptability, driving economic growth and development across borders.

Moniepoint MFB, Africa’s fastest-growing financial institution according to the Financial Times, has reaffirmed its commitment to providing unparalleled support for MSMEs.

This effort, according to Olofin, aims to enhance its capacity to achieve the Sustainable Development Goals while promoting innovation, creativity, and sustainable business practices nationwide.

Olofin said, “The United Nations reports that MSMEs account for over 90 per cent of businesses and 60-70 per cent of employment worldwide, contributing to 50 per cent of global GDP.

These enterprises are vital for the global economy and sustain livelihoods, particularly among the working poor, youth, women, and workers in vulnerable situations.”