The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has launched the Save2Grow Savings Challenge, a new national initiative encouraging entrepreneurs to cultivate saving habits while standing a chance to win cash grants and business rewards.
Organised in partnership with Herconomy, the programme seeks to promote financial discipline and entrepreneurial sustainability among Nigeria’s small and medium-scale business owners.
According to SMEDAN, the initiative will culminate in the National MSME Conference 2025, where top savers will be rewarded with cash prizes, including the ₦500,000 Save2Grow Grant, and other exciting gifts.
A New Financial Empowerment Drive
The Save2Grow Challenge is part of SMEDAN’s broader mission to empower entrepreneurs with not just capital but also the habits and tools required for long-term financial growth.
“The goal of Save2Grow is to encourage entrepreneurs to form saving habits that build resilience, stability, and access to funding opportunities,” SMEDAN said in a statement.
Through this challenge, thousands of Nigerian business owners can access both financial rewards and capacity-building resources that support business continuity.
Grant Prizes and Reward Categories
Participants can choose different saving goals within the challenge — ranging from ₦1,000,000, ₦2,000,000, to ₦5,000,000 — depending on their capacity and ambition.
Those who meet their targets will qualify for rewards that include:
- ₦500,000 cash grant for top savers.
- Spa and wellness vouchers.
- Investment in stocks and savings bonds.
- Herconomy gift packages and certificates of recognition.
SMEDAN confirmed that the Save2Grow winners will be announced at the National MSME Conference 2025, scheduled to hold in Lagos from November 16 to 18, 2025. All prizes will be presented during the event.
How to Apply for the Save2Grow Challenge
To participate, entrepreneurs must sign up through the Herconomy App and complete their savings plan before the deadline.
Here’s how to apply:
- Download the Herconomy App (available on iOS and Android).
- Log in or create an account.
- Navigate to the Save2Grow Challenge under “Savings Plans.”
- Select a savings goal (₦1M, ₦2M, or ₦5M).
- Start saving immediately.
Participants are encouraged to save consistently to improve their chances of qualifying for the ₦500,000 top prize and other rewards.
Building Financial Inclusion Through Savings
SMEDAN stated that the programme is part of its continuous strategy to empower MSMEs through digital financial platforms that enhance inclusion and economic participation.
The partnership with Herconomy, a leading female-focused financial community, aims to introduce more entrepreneurs—especially women—to structured saving systems and smart funding opportunities.
“By helping entrepreneurs learn how to save, we are helping them build the foundation for future investment, creditworthiness, and long-term success,” the agency said.
About the National MSME Conference 2025
The National MSME Conference serves as one of Nigeria’s largest annual gatherings of entrepreneurs, investors, and policymakers. This year’s edition, themed “Financing the Future of Entrepreneurship in Nigeria”, will showcase MSME innovations, funding programmes, and digital finance solutions.
The Save2Grow award ceremony will take place during the conference, with presentations by SMEDAN, Herconomy, and key stakeholders in the microfinance and fintech sectors.
Conclusion
With the Save2Grow Challenge, SMEDAN is once again demonstrating its leadership in entrepreneurial development and financial empowerment.
By rewarding saving discipline with real financial grants, the agency is bridging the gap between financial literacy and access to funding — empowering Nigerian