By Majeed Salaam
In a world where the future belongs to those who innovate, the Bank of Industry (BOI) is taking a bold step to place Nigeria’s small businesses at the heart of its $1 trillion economic vision.
The development finance institution has signed a Memorandum of Understanding (MoU) with Bumpa, a fast-growing digital platform that helps entrepreneurs build, manage, and scale their online stores.
The partnership aims to expand digital market access, drive e-commerce growth, and create new jobs for youth-led micro, small and medium enterprises (MSMEs) across the country.
The deal, sealed last week at BOI’s Lagos office, is more than a formal handshake. It represents a shared mission to unlock the potential of Nigeria’s young entrepreneurs. A move aligned with the federal government’s Renewed Hope Agenda and its goal of achieving a $1 trillion economy by 2030.
The Managing Director (MD)/Chief Executive Officer (CEO) of BOI, Dr. Olasupo Olusi, represented by Oluwatoyin Edu, Executive Director of Risk and Technology, described the collaboration as a milestone in the bank’s push for inclusive growth.
“This partnership reflects our strategic commitment to expanding market access for young entrepreneurs and equipping them with the digital tools they need to thrive,” he said.
Dr. Olusi explained that the initiative falls under the bank’s 2025–2027 Corporate Strategy, where ‘Youth at Scale’ is one of six focus areas. The goal, he said, is to support technology-driven enterprises that can create sustainable jobs and transform local economies.
For Bumpa, the partnership is a validation of its mission. The company’s mobile-first platform has already become a lifeline for thousands of small businesses looking to digitize their operations without heavy costs. Its CEO, Mr. Kelvin Ikechukwu, called the deal with BOI “a transformative step” toward building a more inclusive economy.
“Digital adoption is no longer optional; it’s essential for business survival,” he said. “What excites us is that Nigerian entrepreneurs now have access to the same digital tools used by global brands. This levels the playing field and allows local businesses to compete anywhere.”
Under the partnership, 200 small business owners will receive practical support over six months to integrate technology into their daily operations. The project will track key indicators such as job creation, revenue growth, and business scalability, offering measurable proof of impact.
For the BOI team, this isn’t just about numbers – it’s about people. Aderonke Akinluyi, Technical Advisor to the Managing Director and one of the bank’s Youth and Skills Thematic Champions, emphasized that MSMEs already contribute nearly 48% of Nigeria’s gross domestic product (GDP) and employ 84% of its workforce.
“MSMEs are the backbone of our economy,” she said. “But to reach their full potential, they need easier access to markets and funding. That’s what this partnership is designed to deliver.”
The BOI-Bumpa collaboration offers more than hope – it provides a blueprint. It shows what’s possible when public institutions and tech innovators join hands to empower small businesses, create jobs, and reimagine the country’s economic future.
