Last updated on August 5th, 2023 at 09:41 pm
By the end of 2021, qualified women entrepreneurs in Nigeria will enjoy $50 million credit facility from the First City Monument Bank (FCMB) courtesy African Development Bank (AfDB).
Founded in April 1982, The Nigerian bank is popular for its SheVentures, one of the special loans specifically designed for women entrepreneurs in Nigeria, loans for women can be found at: https://infomediang.com/loans-for-women-in-nigeria
AfDB specifically choose FCMB among others across the continent because of its track record in designing soft loan products that empower women, and local enterprises involved in agribusiness, healthcare, renewable energy, and manufacturing.
For instance, FCMB’s products in agribusiness have empowered small businesses that have grown bigger.
InfomediaNG gathered that disbursement of the long-term financing will focus on underserved segments and complement the bank’s lending and programme in the Nigerian market.
FCMB Managing Director, Yemisi Edun, who expressed excitement about the choice of her bank by AfDB promised to adequately utilise the funds for the purpose it’s meant, stating that the credit line would help it increase lending to high impact sectors post-COVID.
Proshare quoted her as saying:
“We are delighted that a minimum of 30 percent of the fund will go specifically to women empowered businesses, which would, in turn, contribute to stimulating gender equality and empowerment.”
Improving Women Access To Credit
Edun, who assumed office as a new MD of FCMB a few months ago stated that AfDB financial access to women aligns with the bank’s transformative agenda of boosting household economic resilience and improving women’s access to credit.
Also, regional multilateral development finance institutions will provide technical assistance grants of $200,000 through Affirmative Finance Action for Women in Africa (AFAWA). The grant will support training, monitoring, and reporting by FCMB.
“We are pleased to support FCMB’s strategy to become a dominant player in addressing the funding needs of women-empowered and local enterprises.
“This project will extend valuable resources to critical but underserved segments during the ongoing COVID-19 pandemic, with its adverse macroeconomic impact,” AfDB’s Director of Financial Sector Development, Stefan Nalletamby, said in a statement.
Women business owners, are you ready? We’ll keep you updated.