BOI, Bumpa to boost MSME digital access

BOI, Bumpa to boost MSME digital access

The Bank of Industry (BOI) has signed a Memorandum of Understanding (MoU) with digital commerce platform, Bumpa, to enhance digital market access and e-commerce adoption among youth-led Micro, Small and Medium Enterprises (MSMEs).

The partnership, launched yesterday at BOI’s Lagos headquarters, is aimed at accelerating job creation and supporting the Federal Government’s drive towards a $1 trillion economy by 2030.

Speaking at the signing ceremony, Managing Director, Bank of Industry (BOI), Dr. Olasupo Olusi, represented by the Executive Director, Risk and Technology, Mr. Oluwatoyin Edu, said the collaboration reinforces the bank’s commitment to expanding market opportunities for young entrepreneurs and equipping them with digital tools to scale.

 “Today’s launch is more than a formal agreement; it is a shared commitment to innovation, inclusion and impact. We believe that meaningful partnerships like this are essential to unlocking Nigeria’s entrepreneurial potential and driving the vision of a $1 trillion economy by 2030,” Olusi stated.

Olusi noted that the partnership aligns with BOI’s 2025–2027 Corporate Strategy, where “Youth at Scale” is one of six thematic areas designed to support youth-led enterprises, foster technology-driven growth and deepen impact across Nigeria’s entrepreneurial ecosystem.

He commended Bumpa’s mobile-first platform for helping thousands of MSMEs digitise their operations and reach wider markets without significant overhead costs.

“Bumpa has become a trusted ally for small businesses seeking to grow beyond their immediate environment, including those at the grassroots. This is the kind of innovation that drives sustainable economic transformation,” he added.On his part, Bumpa’s Chief Executive Officer, Kelvin Umechukwu, lauded BOI’s commitment to youth entrepreneurship, describing the initiative as a transformative step that brings global-level digital access to Nigerian MSMEs.“BOI saw that this is not just an opportunity for large corporations but also for small businesses. The same digital tools used by companies in the United States or Canada are now available to Nigerian entrepreneurs through their phones. This levels the playing field and allows local brands to compete globally,” Umechukwu said.

He disclosed that under the new partnership, 200 small business owners will receive hands-on support within six months to adopt digital tools and integrate technology into their day-to-day operations. The programme will also track impact indicators such as job creation, revenue growth, and business scalability.

In her remarks, Technical Advisor to the Managing Director and one of BOI’s Youth and Skills Thematic Champions, Aderonke Akinluyi, said MSMEs are central to Nigeria’s economic resilience, contributing about 48 per cent of GDP and employing 84 per cent of the workforce.

She explained that while MSMEs remain critical to job creation, many still face challenges in accessing finance and markets, gaps the new BOI-Bumpa initiative directly addresses.

“This partnership is designed to help youth-led businesses sell smarter, scale further and reach wider markets through digital and e-commerce possibilities,” Akinluyi stated.

The BOI-Bumpa partnership underscores the growing importance of technology in strengthening Nigeria’s MSME landscape and aligns with the Federal Government’s Renewed Hope Agenda on skills development, entrepreneurship, and inclusive growth.

BOI, Bumpa to boost MSME digital access - The Nation Newspaper