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
-
Morocco Targets $297 Million Gaming Market with Huawei Partnership
18:42
-
In Lomé, experts explore communication as a lever for climate action
17:47
-
Algeria-Qatar $287m hospital project targets 2027 delivery
17:46
-
Two Pan-African Competitions Launch Applications, Offering Funding for Agri-Food and Digital Start-ups
17:38
-
Togo plans supplementary health cover to strengthen universal insurance
17:35
-
Mozambique begins construction of solar power plant to supply 1,200 rural households
16:50
-
Cotton Prices Reach 12-Month High on Supply Concerns and Rising Costs
16:45
-
Senegal’s Unemployment Rate Hits 23.3% Under Broad Definition, vs 5.4% by ILO Standard
16:39
-
Orange Bets on Digital Training to Drive Trust-Led Growth in Africa
14:35
-
Morocco to Host First U.S. Drone Training Hub in Africa
14:28
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
BCEAO mandates all financial institutions to complete integration Move aims to ensure seamless, i...
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
This week, Africa’s health outlook is shaped by mounting supply chain risks tied to global tensions,...
Coca-Cola will invest $1.03 billion in South Africa by 2030 to expand capacity and distributi...
$287 million hospital project shows accelerated construction progress Authorities reaffirm 2027 commissioning timeline following site...
Mozambique starts solar plant project to power 1,200 households $12 million project backed by South Korea, built in Tete Initiative aims to...
Cotton prices hit 12-month high, rising 8.7% since December Gains driven by tighter supply, lower U.S. acreage forecasts Rising fertilizer...
Senegal broad unemployment rises to 23.3% in Q4 2025 Rate highlights underemployment beyond 5.4% ILO measure Youth, women, rural areas...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...
“Dodji, l’Archet Vodoun” is a documentary about reconnecting with ancestral culture to understand one’s origins, following an initiation ceremony that...