British International Investment (BII), the UK’s development finance institution and impact investor, has announced a $50 million commitment to Access Bank as part of a $295 million loan package arranged by FMO.
The funding will strengthen Access Bank’s capital base and allow it to support underserved Small and Medium Enterprises (SMEs), including those led by women and youths, providing access to working capital and supporting resilience as Nigeria faces its most severe economic crisis in a generation.
The commitment from BII will help to strengthen Access Bank’s capital reserves and provide much-needed working capital and financing to Nigerian SMEs across various sectors, including agriculture.
This will help to stimulate business growth, create more jobs and deepen financial inclusion in Nigeria.
British Deputy High Commissioner, Jonny Baxter, said, “When smaller businesses and women entrepreneurs are economically empowered, their whole community benefits.
That is why the UK is providing new support with Access Bank to help businesses in underserved communities access finance to scale up their operations, create jobs and grow the economy.
It also shows our commitment with the Nigerian government to deepen our economic co-operation, and boost growth and development opportunities across our countries.”
Head of Office and Coverage Director, Nigeria, at BII, Benson Adenuga, said, “As a counter-cyclical investor, we are proud to deepen our partnership with Access Bank to accelerate Nigeria’s recovery and empower businesses playing a pivotal role in the creation of jobs, innovation and economic diversification. By supporting the ambitions of SMEs, including women and youth-led businesses, we can ensure a more inclusive and sustainable future for Nigeria.
The Managing Director and Chief Executive Officer (MD.CEO) of Access Bank, Roosevelt Ogbonna, said, “Today marks a significant milestone in our longstanding partnerships with FMO and BII. This monumental syndicate Tier II facility agreement underscores the deep-rooted trust and synergy between our institutions.
“This facility not only enhances our capital reserves but also strengthens Africa’s trade capabilities and export potential.
Putting these funds to use, we aim to catalyse growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion, aligning with Access Bank’s mission to drive progress and development throughout the continent and beyond.”