Wema Bank plc recently signed a $50 million loan facility with the ECOWAS Bank for Investment and Development (EBID), and the bank says it is ready to dedicate more cash to supporting female-owned enterprises and agriculture.
On Monday, November 20, 2023, in Lome, Togo, the agreement was finalized.
The $50 million loan facility granted to Wema Bank is in line with EBID's plan to influence SMEs in the subregion by forming alliances with banks and other respectable financial organizations that are well-known and have a large presence there.
The Nigerian lender claims that by utilizing this option, it will be able to increase the number of loans it can release and so benefit more Nigerians and business owners nationwide, advancing the common goal of empowerment.
The cooperation with EBID was driven by Wema Bank's objective of empowering lives through innovation and its drive to achieve impact, according to managing director and CEO Moruf Oseni.
According to him, “Banking without impact or value is nothing, which is why we continue to find new ways to positively impact the lives of our customers and our society. Our mission is clear—to empower lives through innovation—and over the years, we have developed innovative ways to achieve it.
Through this relationship, more lives and businesses will be impacted nationwide. We have developed into a diverse support system and enabler across several sections of the national ecosystem with each solution, partnership, and effort.
Oseni went on to provide additional details on the facility's allocation strategy, saying, "This credit facility is targeted for impact across two major areas—women and agriculture." In addition to developing solutions specifically for women, we have received national recognition for our support of women and female entrepreneurs, and we are now able to further expand our influence.
“It is a personal philosophy of mine that any society that fails to empower women is flying on one wing, so we will not leave anyone behind on this journey of positive impact. Food is another area that can make or break an economy; a country where the majority can feed comfortably has solved a chunk of its problems. With this facility, we will intensify our efforts and multiply our impact across these two sectors towards the creation of a better life for all.”
The alliance was long-expected, according to ECOWAS President/Chairman George Agyemkum Donkor.
In order to improve productivity, add value to the ecosystem, and boost trade returns for socioeconomic growth and development, Donkor emphasized the significance of women's empowerment and the necessity of continuing to supply resources to players in the agricultural sector.
Post a Comment