FCMB, Mastercard Foundation partner to uplift 100,000 MSMEs in Nigeria.

FCMB emerges best SME bank in Africa

First City Monument Bank (FCMB), a member of FCMB Group Plc, has partnered with the Mastercard Foundation to provide subsidised loans to 100,000 Micro, Small, and Medium Enterprises (MSMEs) to scale their operations to create work opportunities for young Nigerian women and men. The programme, which is part of the Mastercard Foundation’s Young Africa Works strategy in Nigeria, aims to sustainably move Nigerian youth out of poverty.

Read:  Zenith Bank records improved half year 2019 results, with interim dividend of 30 kobo per share.

It is being executed through a novel $27.8 million (about N15.5 billion) MSME Revitalisation Fund, ensuring that qualified MSMEs can access loans for their business at a single-digit interest rate. Seventy percent of the MSME Revitalisation Fund targets women-owned MSMEs in agribusiness, the creative industry, and digital sector.

Read:  Fidelity Bank lights up Akwa Ibom Christmas Carols Festival

The remaining 30 percent will be deployed to meet the funding needs of youth-owned enterprises and businesses run by vulnerable members within Nigeria. 

Speaking on the partnership, the Managing Director, FCMB, Yemisi Edun, described it as a purpose-driven intervention that would further help break the barriers that limit MSMEs’ productivity and overall success in Nigeria. She said, “The past few years have been very challenging for individuals, households, and businesses in Nigeria. Now more than ever, all hands must be on deck to create opportunities that will sustainably enable people and businesses to find their footing and stand on more solid ground.

Read:  ThriveAgric secures $56.4m debt funding to expand operations to Ghana, Kenya

Source: sunnewsonline

Related posts

2022 NIMN Conference: Technology, Data Identified As The Future Of Marketing.


Stanbic IBTC tops retail, corporate banking in Nigeria – KPMG 2022 Report


Zenith Bank upgrades its mobile banking application


Have you tried Radler Citrus and Its new Red Fruit Variant?


OMO rewards community mother figures with amazing personalized gifts for Mother’s Day celebration.


Ecobank allows money transfer through SMS, WhatsApp.


Leave a Comment