The Bank of Industry (BoI) has entered a strategic partnership with Bumpa, a prominent digital platform, to empower 200 youth-owned micro, small and medium enterprises (MSMEs) across Nigeria in this pilot phase.

The collaboration, implemented under the youth and skills thematic area of the bank, aims to address the critical challenge of market access for young entrepreneurs by equipping them with the tools and training needed to manage their operations efficiently and boost productivity.

It also seeks to drive innovation and enable these businesses to reach a broader customer base, a statement announcing the partnership said.

Many MSMEs in Nigeria still rely on manual record-keeping and offline selling methods, which limit their ability to scale and access credit. The partnership will also solve this problem by enabling youth-owned businesses to digitise their operations, manage sales and inventory, and connect with more customers, all through their mobile phones.

In recognition of the critical role of MSMEs in job creation, the bank will be sponsoring a six-month free subscription to Bumpa’s suite of business management tools for selected participants. These tools will support the digitisation of operations, enhance sales performance, and drive sustainable growth for MSMEs.

By equipping youth entrepreneurs with the knowledge and tools to succeed in the digital economy, the partnership is expected to foster entrepreneurial development, expand access to financial literacy and promote inclusive economic growth.

This initiative underscores the BoI’s efforts to bridge structural gaps that hinder the growth of MSMEs in Nigeria while reinforcing its role as a catalyst for sustainable development to create a more resilient and inclusive entrepreneurial ecosystem in Nigeria.