The Small and Medium Enterprises Development Agency of Nigeria, has signed a Memorandum of Understanding with six Microfinance Banks on the provision of micro credit for small and medium scale enterprises in the country. The pact will also enable business owners in the country to benefit from entrepreneurship training programmes put together by SMEDAN and the microfinance banks.
The MFBs are Misau Microfinance Bank, Bauchi; Kada Microfinance Bank, Kaduna; Safeline Microfinance , Abuja; KRGY Microfinance Bank , Jigawa; Atlas Microfinance Bank, Abuja and Fahimata Microfinance Bank in Kaduna.
The Director- General of SMEDAN, Mr. Muhammad Umar, while speaking at during the signing ceremony in Abuja on Tuesday, said the objective of agreement was to create access to cheap finance for small and medium scale enterprises across the country .
He noted that the initiative was part of SMEDAN’s Rural Enterprise Development Programme, adding that arrangements have been concluded to cover all the 774 local government areas across the country.

About SMEDAN:

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) was established by the SMEDAN Act of 2003 to promote the development of the MSME sector of the Nigeria Economy. The Agency positions itself as a "One Stop Shop" for Micro, Small and Medium Enterprises Development. Micro Enterprises are included in the clientele of the Agency since they form the bedrock for SME's

Their Mission

To facilitate the access of micro, small and medium entrepreneurs/investors to all resources required for their developent. Justification for our existence. Poverty, due to lack of access to incom-earning opportunities and lack of capacity to take advantage of the opportunities, is a social malaise that is threatening global prosperity in general and national economi growth and development in particular. a well developed MSMEs sector has proven to be one of the most veritable channels to combat poverty. The establishment of SMEDAN is therefore justified by the need to trigger the development of Nigeria's MSMEs in a structured and efficient manner.