Access Bank Secures $100 Million Loan for Female Entrepreneurs in Nigeria
- Access Bank has secured a $100 million facility from a global consortium to empower women-owned businesses in Nigeria
- The consortium is led by Germany’s DEG and includes FinDev Canada, ILX Netherlands, and DFI OeEB in Austria
- The initiative aims to boost women’s enterprises, create employment, and reduce economic inequality
Empowering Women-Led Businesses Across Nigeria
Nigeria’s largest bank by assets, Access Bank, has secured a $100 million senior facility from a global consortium of Development Finance Institutions (DFIs) to support women-led businesses across the country.
The funding consortium, led by Germany’s DEG, includes FinDev Canada, ILX Netherlands, and Austria’s DFI OeEB. This strategic partnership represents a significant boost for Nigeria’s MSME sector, particularly businesses owned and operated by women.
Key Features of the Loan Facility
The loan will enable Access Bank to provide funding to micro, small, and medium enterprises (MSMEs), small businesses, and family-owned enterprises nationwide. A critical component of the agreement is the allocation of 30% of local funds toward gender-focused initiatives in collaboration with the 2X Challenge, a global program dedicated to women’s economic development.
Access Bank CEO Roosevelt Ogbonna emphasized that this partnership strengthens the bank’s ongoing efforts to support women entrepreneurs and Nigeria’s MSME sector. This marks the fourth collaboration between Access Bank and DEG in the past eight years, though it’s the first time DEG has served as the lead arranger.
Addressing Nigeria’s Funding Challenges
Experts note that Nigeria’s challenging economic climate has particularly affected women-led businesses, which often struggle to access capital and adequate funding. The new facility is expected to:
- Improve liquidity for women entrepreneurs
- Create employment opportunities
- Reduce economic inequality
- Promote inclusive growth
Roland Siller, CEO of DEG, described the funding as a major step in supporting inclusive growth in Africa, noting it goes beyond financial support to create sustainable opportunities for innovation and job creation.
Access Bank’s Commitment to Social Impact
In 2024 alone, Access Bank has supported over 21 million individuals through various social investment programs in education, health, environment, and entrepreneurship. The bank’s W-initiative has reportedly assisted more than one million women-led SMEs, reinforcing its position as a leading financial institution in Nigeria.
The bank aims to deepen its impact on underserved communities and contribute to building a more resilient and equitable financial landscape across Nigeria and beyond.
Government Parallel Initiatives
This development coincides with the Nigerian government’s launch of the Creative Economy Development Fund (CEDF), which aims to provide sustainable financing for the country’s growing creative and cultural sectors. The fund, recently approved by the Federal Executive Council (FEC), seeks to position Nigeria as a global leader in creative industries.
Additionally, the government has begun revalidating the National Social Register, with 2.3 million households already cleared for the conditional cash transfer program designed to mitigate the impact of recent economic reforms.
Source: Legit.ng