Wema Bank, EIB Global offer N78.5bn credit to youths, women businesses

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

The signed agreement marked the first transaction between EIB Global and Wema Bank.

The agreement is aimed at supporting eligible businesses across Nigeria, with at least 50 per cent of the loans earmarked for youth-owned enterprises to promote entrepreneurship, job creation and inclusive economic growth.

The remaining 50 per cent will target businesses owned, managed, employing or primarily serving women.

The initiative is backed by the European Union’s Global Gateway programme and is aligned with Nigeria’s Financial Inclusion Strategy.

Speaking at the signing ceremony, EIB Vice President Ambroise Fayolle described the agreement as a step towards promoting youth employment and gender inclusion in Nigeria.

“This first financial agreement with Wema Bank is an important contribution to strengthen youth employment, gender equality and women’s empowerment in Nigeria. 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,” he said.

Managing Director and Chief Executive Officer of Wema Bank, Moruf Oseni, said the facility would enable the bank to deepen its support for underserved segments of the economy.

“As a bank whose legacy is rooted in empowerment, this agreement presents remarkable opportunities to scale our impact even further. In tandem with our commitment to inclusion, 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,” he said.

He added that the bank would ensure that qualified businesses benefit from the opportunity.

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