BOI, Bumpa Partner to Empower Youth-Owned MSMEs 

Nume Ekeghe 

The Bank of Industry (BOI) has entered into 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.

BOI in a statement noted that many MSMEs in Nigeria still rely on manual record-keeping and offline selling methods, which limit their ability to scale and access credit. This 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 selectedparticipants. These tools will support the digitisation of operations, enhance sales performance, and drive sustainable growth for MSMEs.

“Key features include: the ability to create and manage an online store, receive digital payments, track inventory, and gain insights through detailed business analytics. The platform also facilitates multi-channel integration, customer engagement via bulk SMS and emails, and provides multiple payment options with multi-currency support for cross-border sales. These features are designed to streamline operations and significantly improve business performance.

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