Market News

By Dotun Omisakin, Lagos 

The Bank of Industry (BOI) and Bumpa, a digital platform, have signed a Memorandum of Understanding (MoU) to boost digital market access, e-commerce growth and job creation for youth-owned Micro, Small and Medium Enterprises (MSMEs).

The MoU is aimed at driving the Federal Government’s vision of achieving a $1 trillion economy by 2030.

Speaking at the launch of the partnership, the Managing Director of BOI, Dr. Olasupo Olusi, represented by the Executive Director, Risk and Technology, Mr. Oluwatoyin Edu, said the initiative reflects the bank’s strategic commitment to expand market access for young entrepreneurs.

He added that the bank is focused at equipping young entrepreneurs with the digital tools they need to thrive in today’s fast-evolving economy.

Olusi explained that the partnership aligns with BOI’s 2025–2027 Corporate Strategy, under which “Youth at Scale” is one of the six thematic areas focusing on supporting youth-led enterprises, promoting technology-driven growth and making an impact within the country’s entrepreneurial ecosystem.

According to him, Bumpa’s mobile-first platform has become essential for thousands of MSMEs seeking to digitise their operations and reach wider markets without incurring heavy overhead costs.

He hailed the Bumpa team for their dedication to building technology that serves small businesses also at the grassroots, underscoring the importance of innovation.

“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,” he stated.

The Chief Executive Officer of Bumpa, Kelvin Umechukwu, commended BOI’s commitment to supporting youth entrepreneurship, stressing that only few institutions are committed to empowering small businesses.

Umechukwu described the partnership with BOI as a transformative step toward creating new opportunities for small business owners, noting that digital adoption is no longer optional but essential for business competitiveness.

“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 (U.S.) or Canada are now available to Nigerian entrepreneurs through their phones. This levels the playing field and allows local brands to compete globally,” he said.