Nigeria: Access Bank secures US$280 mln loan to support local SMEs
Thursday, 28 July 2022 17:45
The financing is announced one month after Access Bank unveiled plans to acquire Kenyan bank Sidian.
U.S Development Finance Corporation (DFC) recently signed a US$280 million commitment letter to Nigeria’s Access Bank Plc. The financing, a loan precisely, will be used to fund local small and medium-sized enterprises (SMEs).
The loan "will boost financial inclusion in Nigeria and empower women entrepreneurs, bolstering the country’s economic growth," said Scott Nathan, CEO of DFC.
The financing comes nearly a month after Access Bank announced plans to acquire Kenyan commercial bank Sidian Bank to strengthen its position in the East African banking market.
The loan will be on-lent across more than a dozen sectors of the Nigerian economy, with a particular focus on women-owned SMEs, non-oil sectors, and longer-term lending. Thanks to the financing, Access Bank plc is expected to support at least 4,000 new SMEs in Nigeria. It will provide those businesses with much-needed liquidity in a context marked by a global economic downturn fuelled by the coronavirus pandemic.
Chamberline MOKO
Live News
-
Nigeria Calls on NNPC Ltd to Bid for New Oil Blocks
18:50
-
Africa’s Two-Wheel Motorcycle Market Expands as Cities Face Safety and Price Pressures
18:28
-
U.S. Commits $156 Million to Strengthen Burundi’s Health System Over Five Years
18:21
-
South Africa to Withdraw MONUSCO Troops by End-2026
18:02
-
Cameroon municipalities defend CFA21.4bn solar streetlight project amid controversy
17:58
-
Cameroon names first five companies to support industrial expansion
17:45
-
Africa Looks to India as Digital Governance Partnerships Expand
17:09
-
Gabon Partners With UAE’s Presight to Deploy AI in Public Administration
17:04
-
Cameroon audit flags high rental costs weighing on state debt recovery firm
16:24
-
Togo Launches Preparations for Third National Household Living Conditions Survey
16:08
Except for Tunisia entering the Top 10 at Libya’s expense, and Morocco moving up to sixth ahead of A...
Oil majors expand offshore exploration from Senegal to Angola Gulf of Guinea accounts for about 1...
Deposits grow 2.7%, supporting lending recovery Average loan sizes small, credit risk persists ...
Visit scheduled from February 4 to 6, 2026, at the invitation of President Hakainde Hichilema Tal...
The BCEAO granted Semoa a level-3 “full service” payment institution license on January 27, 2026...
Nigeria launched a 50-block oil licensing round in December 2025 and eased financial terms in January 2026. The upstream regulator urged state-owned...
Africa’s two-wheel motorcycle market should reach $5.55 billion in 2026 and $7.29 billion by 2031, driven by urbanization and informal...
The United States committed $156 million to Burundi’s health sector over five years under a new memorandum of understanding. Burundi must...
South Africa decided to withdraw more than 700 troops from the UN mission in the Democratic Republic of Congo by end-2026. Pretoria cited the...
Essaouira is a coastal city in Morocco, on the Atlantic Ocean, in the Marrakech–Safi region, about two and a half hours by road from Marrakech. It stands...
The Pan African Film & Arts Festival (PAFF) will run from February 7 to 22, 2026, in Los Angeles, positioning itself as a major soft power platform for...