The Historic New Access Bank USD 100 million Senior loan Facility To Support Nigerian MSMEs, small corporate & women - led business...Enter the key Significance
By Richlist Magazine ( Financial Unit)
Access Bank Plc has taken a monumental step towards fostering financial inclusion and economic empowerment, particularly for women entrepreneurs, by securing a landmark $100 million senior loan facility from a coalition of Development Finance Institutions (DFIs).
Led by DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH, alongside FinDev Canada, ILX, and OeEB, this facility aims to fuel the growth of Micro, Small, and Medium-sized Enterprises (MSMEs) and family-owned businesses in Nigeria. A significant portion of this fund, at least 30%, will be dedicated to enterprises owned or managed by women, aligning with the 2X Challenge framework that promotes gender-smart investing in emerging markets.
This partnership is a transformative step forward, according to Roosevelt Ogbonna, Group Managing Director of Access Bank Plc. Ogbonna emphasized that this financing is not just a transaction but a catalyst for inclusive growth, driving job creation, economic participation, and prosperity across communities. By championing the MSME sector and female entrepreneurship, Access Bank is addressing a critical need in Nigeria, where women often face systemic barriers to accessing capital despite their significant roles in commerce and enterprise.• THE GREAT SIGNIFICANCE
The significance of this initiative cannot be overstated. In Nigeria, women-led businesses are a vital part of the economy, but they frequently encounter challenges in securing funding. By allocating a substantial portion of the facility to women-owned or managed enterprises, Access Bank is helping to bridge this gap. This approach not only supports gender equality but also contributes to the overall economic development of the country.
The collaboration between Access Bank and DEG, which has committed $25 million to the facility, marks a deepened partnership focused on Africa's future. Roland Siller, CEO of DEG, highlighted the long-term developmental impact of this partnership, emphasizing that it's about empowering MSMEs and female entrepreneurs with the resources and confidence to grow, scale, and innovate. This kind of empowerment is crucial for Africa's economic trajectory.
Access Bank's commitment to supporting MSMEs and women entrepreneurs is further underscored by its impressive track record in 2024. Through its W-Initiative, the bank disbursed loans to over one million women-led businesses and reached more than 21 million people through social investment initiatives in education, health, entrepreneurship, and environmental sustainability across Africa. This initiative demonstrates Access Bank's dedication to driving positive change and promoting economic inclusion.
The $100 million facility is expected to have a profound impact on the Nigerian economy. By supporting MSMEs and women-led businesses, Access Bank is contributing to job creation, economic growth, and poverty reduction. This initiative also aligns with the broader goals of promoting financial inclusion and economic empowerment, particularly for women and marginalized groups.
As the continent continues to navigate the challenges of global economic uncertainty, initiatives like the one undertaken by Access Bank are crucial for building a more inclusive and resilient economy. By providing strategic support to MSMEs and women entrepreneurs, Access Bank is not only driving economic growth but also fostering a culture of innovation and entrepreneurship that will have long-term benefits for Nigeria and beyond.
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