Access Bank has secured a $50 million commitment from British International Investment (BII) as part of a larger $295 million loan package arranged by FMO, the Dutch entrepreneurial development bank. This funding is aimed at bolstering Access Bank’s capital base, enabling it to support better underserved Small and Medium Enterprises (SMEs), particularly those led by women and youth.
According to BII, this investment will help strengthen Access Bank’s ability to provide essential working capital and financing to Nigerian SMEs, crucially supporting their resilience amidst Nigeria’s challenging economic conditions.
Since 2018, BII has supported Access Bank with direct and indirect investments to facilitate its expansion plans across Africa. With nearly 40 million MSMEs in Nigeria contributing significantly to employment and GDP, but facing financial challenges, this funding is expected to stimulate business growth, create jobs, and enhance financial inclusion.
Jonny Baxter, British Deputy High Commissioner, emphasized the importance of empowering smaller businesses and women entrepreneurs, noting that such empowerment benefits entire communities. He highlighted the UK’s commitment to supporting Access Bank in providing financial access to underserved businesses, promoting economic growth and cooperation between the UK and Nigeria.
Benson Adenuga, Head of Office and Coverage Director, Nigeria at BII, expressed pride in deepening the partnership with Access Bank to accelerate Nigeria’s recovery and empower businesses pivotal in job creation, innovation, and economic diversification.
Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank, described the funding as a significant milestone in their partnership with FMO and BII. He emphasized that the facility strengthens Access Bank’s capital reserves and enhances Africa’s trade capabilities and export potential. Ogbonna reiterated Access Bank’s commitment to using these funds to catalyze growth, stimulate business development, create jobs, and deepen financial inclusion across the continent.
This initiative underscores Access Bank’s mission to drive progress and development throughout Africa, aligning with broader economic empowerment and sustainability goals.
