By Godfrey AKON
Access Bank Plc says it has successfully closed a $100 million senior loan facility to support Micro Small and Medium Enterprises, MSMEs and women.
The banks announced in a statement that the facility was closed with a consortium of Development Finance Institutions, DFIs, led by the German DFI DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH.
It is also supported by FinDev Canada, Amsterdam-based asset manager ILX, as well as Austrian DFI OeEB, Oesterreichische Entwicklungsbank AG.
According to the bank, this significant financing will support privately-owned MSMEs, small corporates, and family-owned businesses across Nigeria, with a particular focus on promoting female entrepreneurship and economic empowerment.
It noted that at least 30 per cent of the facility will be dedicated to gender lens investing in the spirit of the 2X Challenge, ensuring that women-owned and women-managed businesses are prioritised.
It added that this initiative is crucial in Nigeria, Africa’s most populous country, where supporting women entrepreneurs and MSMEs can drive job creation and contribute to reducing inequality.
Speaking on the partnership, the Group Managing Director of Access Bank Plc, Roosevelt Ogbonna, said “At Access Bank, we remain steadfast in our commitment to driving economic transformation and fostering inclusive growth across all the countries we operate.
“This partnership not only strengthens our ongoing efforts to empower women in business but also reinforces our support for Nigeria’s MSME sector, which plays a pivotal role in the country’s economic development.
“Through strategic collaborations like this, we continue to enhance opportunities for underserved communities, and we look forward to building on this success to impact even more lives across Africa.”
The facility marks the fourth collaboration between DEG and Access Bank Group, but it is also the first time in their eight-year partnership that DEG’s has acted as the lead arranger.
DEG’s investment in the deal amounts to USD 25 million, strengthening the long-term relationship between the two institutions.
On his part, the CEO of DEG Roland Siller, said “This financing marks a major step in our ongoing commitment to supporting inclusive growth in Africa. By partnering with Access Bank, we are not just empowering women entrepreneurs and strengthening MSMEs but also investing in the future of Nigeria’s economy.
“This collaboration, which has blossomed over the last eight years, goes beyond just providing funding and speaks to our shared commitment in creating sustainable, long-term opportunities that foster job creation and innovation. At DEG, we are focused on helping businesses in developing and emerging markets thrive, offering not just financial support but also advisory services that help them scale and succeed.
“Our work with Access Bank is a clear example of how we can build stronger economies through impactful, sustainable investments.”
