The U.S. International Development Finance Corporation (DFC), signed a commitment letter for $280 million in financing for Access Bank, to help address the financing gap for small- and medium-sized enterprises (SMEs) and advance financial inclusion in Nigeria, including through the bank’s commitment to supporting women-owned and -led businesses.
Scott Nathan, CEO, DFC: ”DFC’s investment in Access Bank demonstrates U.S. support for private sector-led development in Nigeria and throughout West Africa. The $280 million loan from DFC will boost financial inclusion in Nigeria and empower women entrepreneurs, bolstering the country’s economic growth.”
The DFC financing for Access Bank will provide needed liquidity given the global economic downturn caused by the COVID-19 pandemic. The loan is expected to support at least 4,000 new SME loans in Nigeria. In addition, the loan proceeds will be on-lent across more than a dozen sectors in the Nigerian economy, with a specific focus on women-owned SMEs and on loans with longer tenors, which will provide more flexibility to borrowers.
Roosevelt Ogbonna, Managing Director, Access Bank: ”Access Bank is extremely pleased to announce this strategic partnership with DFC to support the multitude of businesses across Nigeria who stand to benefit from greater access to finance, especially in an environment that is in need of stronger economic diversification. We look forward to utilizing the partnership with DFC in driving further economic expansion and inclusion in Nigeria, with a strong focus on non-oil sectors and women businesses.”
Access Bank is one of the largest banks in Nigeria and has banking subsidiaries throughout Africa. Citibank acted as the coordinator and arranger/co-lender to help facilitate the loan.