Access Bank Plc has successfully secured a substantial €50 million credit facility from the European Investment Bank (EIB). This funding is earmarked to empower small and medium enterprises (SMEs) as well as businesses led by women, furthering financial inclusion and driving economic growth in Nigeria.
The agreement, formalized through a memorandum of understanding (MoU), reflects a strategic collaboration between Access Bank and the European Investment Bank. This partnership aims to provide long-term financing support for SMEs and mid-cap businesses in critical sectors such as transport, agriculture value-chain, manufacturing, tourism, and services.
In alignment with the “2X Challenge” initiative, the credit facility prioritizes businesses predominantly owned or operated by women. This initiative is aligned with OECD gender objectives, reinforcing the commitment to advancing gender equality and empowerment.
Roosevelt Ogbonna, Managing Director of Access Bank, emphasized the bank’s dedication to job creation, gender equality, and sustainable business practices across all operational regions. He expressed confidence in the potential of women as catalysts for economic growth, emphasizing that this partnership aims not only to expand businesses but also to uplift livelihoods and propel economic development.
Abiodun Olubitan, Group Head of Women Banking at Access Bank, highlighted the W Initiative’s mission to empower women with sustainable financial tools for true inclusion and growth. The agreement with the EIB represents a powerful mechanism to support women in realizing their dreams and aspirations. By increasing access to funding, the initiative is poised to foster economic growth and fortify the foundation of gender equality in Nigeria.
This partnership marks a significant milestone in Access Bank’s commitment to fostering a thriving entrepreneurial ecosystem and promoting gender inclusivity in the Nigerian business landscape.