Finance

FirstBank, CDC/BII to support women, SMEs with $100m credit facility

FirstBank changes names of UK, Africa subsidiaries

CDC Group, the UK Government’s development finance institution yesterday announced a $100 million finance facility to First Bank of Nigeria Limited (FirstBank).

The Chief Executive of CDC Group, Nick O’Donohoe in a statement said: “Promoting financial inclusion is a key component for advancing sweeping productive and sustainable growth across both rural and urban areas in Nigeria. This facility will channel CDC’s flexible and long-term capital toward expanding the financial solutions made available to women entrepreneurs, who are often the drivers of small business ideas and services to their communities.

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“Our commitment demonstrates a deepening of British partnership with Nigeria’s businesses, as we collaborate to unlock the potential for entrepreneurial success and economic growth across the country.”

The Managing Director / Chief Executive Officer, FirstBank Adesola Adeduntan said: “Beyond the mutual benefits this partnership offers to both organisations, this transaction offers yet, another occasion for FirstBank to contribute immensely, to the United Nation Sustainable Development Goals.

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“Enabling financial inclusion for SMEs has been a strategic priority for FirstBank over the last 128 years. Similarly, FirstBank has been at the forefront of financially empowering women-owned and women-led businesses on the continent. This partnership with CDC/BII offers a fantastic opportunity to accelerate the momentum.

“At FirstBank, we remain ever committed to fostering financial inclusion, creating wealth for the underserved, enhancing access to quality education and health care, improving lives and empowering women.”

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As part of the new facility, a minimum of $30 million will be allocated in the form of credit lines to women entrepreneurs. The facility will also support FirstBank’s ‘FirstGem’ gender-focused services offering, which takes steps to promote gender inclusion by improving lending and support to female entrepreneurs.

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