Access Bank, EIB Partner To Empower SMEs, Women Through €50 Million Facility

Access Bank Plc has obtained a €50 million loan facility from the European Investment Bank (EIB) to finance women-led businesses and small and medium-sized enterprises (SMEs) in Nigeria.

A memorandum of understanding (MoU) was signed by both sides on Thursday regarding the deployment of long-term finance support aimed at promoting the financial inclusion of women and young people in the nation.

According to Business Post, Access Bank would raise the money to support qualified investments made by SMEs and mid-caps in industries like manufacturing, transportation, services, tourism, and agriculture value chains.

In line with the "2X Challenge" project, whose standards are in line with the OECD gender objectives, it would also be targeting companies that are owned, operated, employ, or cater largely to women.

Contributing to the advancement of Sustainable Development Goal number 5, which aims to achieve gender equality and the empowerment of all women and girls, is the ultimate objective of the financing facility from the European Union (EU).

"In all of our operating nations, our partnership with the European Investment Bank demonstrates our steadfast dedication to supporting sustainable business practices, gender equality, and employment creation.

“At Access Bank, we believe in the potential of women as drivers of economic growth, and this partnership reinforces our dedication to that cause.

“By providing critical financial resources to female entrepreneurs and managers, we aim to not only expand businesses but also uplift livelihoods and drive economic development in Nigeria,” the Managing Director of Access Bank, Mr Roosevelt Ogbonna, said.

"Since inception, the goal of the W Initiative has been to inspire, connect, and empower women with sustainable tools to access true financial inclusion and growth," stated Ms. Abiodun Olubitan, Group Head of Women Banking at attain Bank, in response to comments. Because it is a tremendous tool to assist women in realizing their goals and aspirations, we are thrilled about the possibilities of this partnership with the EIB.

“By providing increased access to funding, we are fostering economic growth and strengthening the foundation of gender equality in Nigeria.”