The United States government has forged a partnership with First City Monument Bank (FCMB) to facilitate $10 million in loans across Nigeria’s health and private sectors. The announcement of this collaboration took place at a ceremony held at FCMB’s headquarters in Lagos, attended by representatives from The U.S. Agency for International Development (USAID).
Under this agreement, USAID and the United States International Development Finance Corporation (DFC) will assist FCMB in expanding access to finance for underserved borrowers, particularly women, youth, the health sector, and small and medium-sized enterprises (SMEs) across Nigeria.
In the healthcare sector, the loan will support hospitals, health and diagnostic centers, clinics, pharmacies, and maternal health facilities in procuring medical equipment, including construction and renovations where necessary.
For Micro, Small, and Medium-sized Enterprises (MSMEs), FCMB will provide financial support for working capital, equipment procurement, construction, and commercial property restructuring.
The loan program prioritizes Nigeria’s underserved population, especially businesses in the informal sector and those owned and operated by youth and women.
Yemisi Edun, managing director of FCMB, commended the DFC for its commitment to improving local access to quality healthcare, emphasizing that the partnership will help close the gap in healthcare financing and provide more Nigerians with access to better healthcare facilities.
Melissa Jones, director at USAID Nigeria Mission, highlighted the U.S. government’s eagerness to collaborate with the financial sector to enhance access to credit for underserved borrowers, stimulate economic growth, and support sectors such as agriculture and renewable energy.
FCMB presently offers an annual interest rate of 16 percent inclusive of all charges and fees, with a repayment period of up to 36 months. The maximum loan obtainable is capped at N100 million.
The bank will manage the loan process through funds provided by DFC and USAID, including assessing loan applications, disbursing funds, and overseeing repayment.
