The Bank of Industry (BoI) has forged a strategic partnership with e-commerce solutions platform, Bumpa, to empower 200 youth-owned Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
The Managing Director of BoI, Mr Olasupo Olusi, said in a statement on Sunday in Lagos that the collaboration was under the bank’s youths and skill thematic area.
Mr Olusi said the partnership is to equip young entrepreneurs with knowledge and tools to thrive in a digital economy while promoting financial literacy and inclusive economic growth, explaining that the initiative will also address the critical challenge of market access confronting young entrepreneurs across the country.
According to him, the programme will 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, noting that many MSMEs still rely on manual record-keeping and offline methods, limiting their ability to scale and access financial support.
He said the partnership would solve this by helping youth-owned businesses digitise operations, manage sales and inventory, and connect with customers through mobile devices, adding that BoI will sponsor a six-month free subscription to Bumpa’s suite of business management tools for selected beneficiaries.
He said these tools 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.