Lagos: Bank of Industry (BoI) has signed a Memorandum of Understanding (MoU) with Bumpa, a Nigerian digital platform, aimed at empowering youth-led Micro, Small, and Medium Enterprises (MSMEs) by enhancing digital innovation and market access. Dr. Olasupo Olusi, Managing Director of BoI, highlighted the significance of this collaboration during the partnership launch and capacity-building event on Thursday.
According to News Agency of Nigeria, the partnership is a crucial component of BoI’s 2025-2027 corporate strategy, aligning with President Bola Tinubu’s Renewed Hope Agenda for youth innovation and support. Representing Olusi, Mr. Oluwatoyin Edu, Executive Director of Risk and Technology at BoI, emphasized that the initiative is designed to equip young entrepreneurs with digital tools to manage and grow their businesses. Selected youth-led MSMEs will receive a complimentary six-month Bumpa subscription, enabling them to create online stores, track inventory, process orders, engage customers, and monitor performance through their smartphones.
Olusi expressed that this partnership represents a commitment to innovation, inclusion, and impact, with a focus on empowering young entrepreneurs to strengthen job creation, economic resilience, and national development. He commended both the youth and skills thematic team and the Bumpa team for their dedication to supporting grassroots businesses and reaffirmed BoI’s commitment to supporting youth-led enterprises through innovation and strategic partnerships.
Mrs. Aderonke Akinluyi, Youth and Skills Thematic Champion at BoI, highlighted that 77 per cent of Nigeria’s population is under 35, underscoring the importance of youth empowerment and skills acquisition for national growth. She stated the bank’s focus on supporting access to vocational and entrepreneurial training, providing patient capital for youth entrepreneurs, and offering advisory and business development support. Akinluyi stressed that these initiatives aim to reduce unemployment and nurture a new generation of skilled and enterprising Nigerians.
Akinluyi also noted the significant contribution of MSMEs to Nigeria’s GDP and employment, highlighting their role as a key driver of economic growth. She emphasized the resilience and creativity of Nigerian MSMEs and described the BoI-Bumpa partnership as a strategic move to enhance digital transformation among youth-led businesses, helping them reach wider markets and manage operations efficiently.
Mr. Kelvin Umechukwu, Chief Executive Officer of Bumpa, stated that the collaboration would revolutionize how small businesses operate by providing access to essential digital tools. The initiative will offer youth-owned enterprises a free six-month Bumpa subscription, enabling them to manage various aspects of their businesses from their smartphones. Umechukwu emphasized that digital adoption is crucial for business growth and expressed gratitude for the partnership with BoI, which aims to unlock numerous opportunities for business owners in Nigeria.
The initiative is expected to track tangible results such as job creation, revenue growth, and technology adoption among participating MSMEs, with BoI demonstrating a commitment to providing youth businesses with a competitive advantage.