Wema Bank secures €50m EIB facility to support SMEs
Wema Bank Secures €50 Million Financing for SMEs
Wema Bank has obtained a €50 million (approximately ₦78.5 billion) financing facility from EIB Global, the development arm of the European Investment Bank, aimed at enhancing credit access for small and medium-sized enterprises (SMEs). The initiative prioritizes businesses owned or operated by women and youth.
The agreement, which is the first collaboration between EIB Global and Wema Bank, was formalized in Lagos. Under the terms, a minimum of 50% of the loans will be allocated to youth-owned businesses. The remaining funds will support enterprises led by women, as well as those that employ or serve women primarily.
EIB Vice President Ambroise Fayolle highlighted the significance of the partnership during the signing ceremony, stating, “This first financial agreement with Wema Bank is an important contribution to strengthen youth employment, gender equality and women’s empowerment in Nigeria.” He further noted the importance of promoting environmentally sustainable practices among entrepreneurs, emphasizing EIB’s role as the European Union’s climate bank.
This initiative is part of the European Union’s Global Gateway programme and aligns with Nigeria’s Financial Inclusion Strategy. EIB Global will also offer technical assistance to Wema Bank through its Greening the Financial Sector Programme, aimed at boosting climate-conscious lending and promoting sustainable investment practices.
Wema Bank’s Managing Director and Chief Executive Officer Moruf Oseni expressed enthusiasm about the deal, stating, “As a bank whose legacy is rooted in empowerment, this agreement presents remarkable opportunities to scale our impact even further.” He emphasized that the facility will not only enhance access to essential financial support for more businesses but also aim to address gender disparities and create opportunities for the youth in Nigeria to enter the workforce and pursue self-employment.
Oseni confirmed that qualifying businesses, including those participating in entrepreneurship programs, will have access to this funding.
