Brands

We will help SMEs fast track Nigeria’s economic recovery’ – Access Bank MD

Access Bank’s Group Managing Director, Herbert Wigwe, has said that the Bank is committed to helping Nigerian businesses weather COVID-19 pandemic and set a course for recovery. 

He made this known after the Bank secured loan support, worth up to $50 Million from the International Finance Corporation (IFC). 

According to Wigwe, the funds will, “Help Access Bank Plc increase its liquidity to several Nigerian small and medium-sized enterprises (SMEs) navigating the economic challenges of COVID-19.” 

“In Nigeria, SMEs contribute over 45 per cent of national GDP, account for about 96 per cent of businesses and 84% of employment. Access Bank, therefore, recognizes the importance of SMEs to economic stability and is going the extra mile to ensure that such businesses are adequately financed to weather these testing times. IFC’s funding will not only enable us to extend financial relief to our clients across all sectors during the pandemic but beyond the COVID-19 crisis as well. Our partnership with IFC will help Nigerian businesses weather COVID-19 and set a course for recovery,” he concluded. 

Read:  Sterling Bank Organises Agriculture Summit.

The funds from the loan, made through IFC’s global COVID-19 ‘Fast-track Financing Support Package’ will enable Access Bank to provide increased trade financing and working capital lending to their business clients experiencing disrupted cash flows, supporting business activity and preserving jobs. 

Reiterating Wigwe’s comments, Eme Essien Lore, IFC Country Manager for Nigeria, said, “It is crucial to support smaller businesses to keep the wheels of Nigeria’s economy turning during today’s unprecedented economic challenge. IFC’s longstanding partnership with Access Bank means together we can move much-needed funding to businesses that need it most, helping them remain in business and retain their employees.” 

Read:  New Halogen Group emerges with innovative digital security solutions

IFC’s $8 billion global COVID-19 fast track facility, launched in March 2020 to support business activity and preserve jobs in the face of COVID-19, has so far invested almost $400 million through this facility in Africa. 

Read:  ACT Foundation Grant - 2022 Call for Applications now open.

Access Bank, Africa’s largest retail bank, serves more than 36 million customers across a network of 677 branches. IFC’s portfolio in Nigeria stands at $1.3 billion, with investments in sectors including manufacturing, technology, financial services, and others.

###

About Access Bank   

Access Bank Plc, commonly known as Access Bank, is a multinational commercial bank, owned by Access Bank Group. It is licensed by the Central Bank of Nigeria, the national banking regulator.   

Related posts

Jaiz Bank Clocks 10, Records N278bn Assets.

NigGal

OMO donates clothing items to vulnerable people in Abuja, Kwara and Lagos through ‘Lend A Hand Of Care’ campaign.

NigGal

GTBank named best bank in Africa at Euromoney awards

NigGal

Access Bank completes acquisition of Transnational Bank (Kenya)

NigGal

Access Bank partners with SME.NG to support the digitization of women-owned businesses in Nigeria through the Ebi Marketplace.

NigGal

Onyeagwu Emerges ‘CEO of the Year,’ Zenith Bank Wins Four Other Awards.

NigGal

Leave a Comment