Wema Bank secures €50m EIB facility to support SMEs

n n

By Henry Obetta

n

Wema Bank has secured a Euro 50 million (N78.5 billion) financing facility from the European Investment Bank’s development arm, EIB Global, to expand access to credit for small and medium-sized enterprises (SMEs), with a strong focus on women- and youth-owned businesses.

n

The agreement, signed in Lagos, marks the first transaction between EIB Global and Wema Bank. Under the arrangement, at least 50 per cent of the loans will be directed at youth-owned enterprises, while the balance will support businesses owned, managed, employing, or primarily serving women.

n

Speaking at the signing ceremony, EIB Vice President, Ambroise Fayolle, said: “This first financial agreement with Wema Bank is an important contribution to strengthen youth employment, gender equality and women’s empowerment in Nigeria.”

n

He added: “We also support entrepreneurs in adopting best practices in green financing. This is our responsibility as the EU climate bank and a key partner of Global Gateway.”

n

According to EIB Global, the initiative is backed by the European Union’s Global Gateway programme and aligns with Nigeria’s Financial Inclusion Strategy. The bank will also provide technical assistance to Wema Bank under its Greening the Financial Sector Programme to strengthen climate-related lending and promote sustainable investments.

n

Commenting on the deal, Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said: “As a bank whose legacy is rooted in empowerment, this agreement presents remarkable opportunities to scale our impact even further.”

n

He added: “This facility is strategically focused not only on helping more businesses access critical financial support, but also on addressing gender gaps and creating opportunities for Nigerian youths to become economically active and self-employed.”

n

Oseni assured that qualified businesses, including participants in entrepreneurship programmes, would benefit from the funding.

n n