Wema Bank has recently inked a significant facility of $50 million with the ECOWAS Bank for Investment and Development (EBID) aimed at fostering growth within the small and medium enterprises (SMEs) sector.
The announcement came following a signing ceremony held in Lome, Togo, as disclosed in a statement released by Wema Bank.
This substantial $50 million facility, directed to Wema Bank, mirrors EBID’s strategic vision of elevating SMEs throughout the sub-region via collaborations with financial institutions possessing considerable outreach within the sub-region, Wema Bank stated.
With this financial backing, Wema Bank intends to further amplify its existing loan disbursal capacity, aiming to positively impact a broader spectrum of Nigerians and business owners nationwide, in line with their overarching objective of empowerment.
Moruf Oseni, Managing Director of Wema Bank, highlighted the institution’s unwavering commitment to fostering impactful change and empowering lives through innovative means, underscoring the motivation behind this partnership with EBID.
“Our mission is clear – to empower lives through innovation. Over the years, we’ve developed innovative means to fulfill this mission, becoming a multifaceted support system and enabler across various sectors of the national ecosystem. Through this collaboration, our impact will extend further, benefiting more lives and businesses across the country,” Oseni emphasized.
The credit facility, tailored to drive impact in two primary areas – women and agriculture, will see a significant focus on providing targeted support to women and businesses in these sectors. Oseni highlighted the critical importance of empowering women in societal development and recognized the pivotal role agriculture plays in bolstering the nation’s economy.
George Agyemkum Donkor, President and Chairman of the Board of Directors at ECOWAS, emphasized the paramount importance of women’s empowerment and the necessity to equip actors in the agricultural sector with resources to enhance productivity, foster ecosystem value addition, and augment trade returns for overall socio-economic growth and development.
Donkor underscored the alignment of this credit facility agreement with Sustainable Development Goals (SDGs) 5 and 2, specifically addressing gender equality and ensuring food security in the sub-region and globally.
This financing agreement is geared towards supporting the Agro Industry and empowering women within the SME industry, thereby substantiating, endorsing, and facilitating the achievement of these SDGs, making a substantial contribution to societal development.
