Wema Bank signs $50m facility with ECOWAS bank to support SMEs

 

Wema Bank has signed a facility of $50,000,000 with the ECOWAS Bank for Investment and Development (EBID) to impact small and medium enterprises (SMEs).

This was revealed in a statement issued by the bank on Wednesday after the signing event held in Lome, Togo.

The $50,000,000 facility assigned to Wema Bank aligns with EBID’s strategy of impacting SMEs across the sub-region via partnerships with banks and reputable financial institutions that have a significant reach within the sub-region, the bank said.

With the facility, Wema will now extend its already functional loan disbursement capacity to positively impact more Nigerians and business owners across the country, driving the shared vision of empowerment.

Managing Director of the bank, Moruf Oseni , disclosed that the bank’s unrelenting quest to drive impact and its mission of empowering lives through innovation were what motivated the partnership with EBID.

“Banking without impact or value is nothing, which is why we continue to find new ways to positively impact the lives of our customers and our society. Our mission is clear – to empower lives through innovation – and over the years, we have developed innovative ways to achieve it. With each solution, partnership and initiative, we have evolved into a multifarious support system and enabler across different areas of the national ecosystem and through this partnership, more lives and businesses will be impacted nationwide.

“This credit facility is targeted for impact across two major areas – women and agriculture. Beyond creating women-specific solutions, we are critically acclaimed for supporting women and female businesses nationwide and now, we can take our impact to greater heights.

“It is a personal philosophy of mine that any society that fails to empower women is flying on one wing, so we will not leave anyone behind on this journey of positive impact. Food is another area that can make or break an economy; a country where the majority can feed comfortably has solved a chunk of its problems. With this facility, we will intensify our efforts and multiply our impact across these two sectors towards the creation of a better life for all.”

President and Chairman of the Board of Directors at ECOWAS, George Agyemkum Donkor, stressed the importance of women’s empowerment and the need to continue providing actors in the agricultural sector with resources to enhance produce, add value to the ecosystem and increase trade returns for socio-economic growth and development.

Acknowledging Wema Bank’s significant role in driving the Nigerian onomy, he further highlighted the impact of the credit facility on driving the Sustainable Development Goals (SDGs).

“It also aligns with SDGs 5 and 2. SDG 2 talks about the fact that we should ensure food security in the sub-regions and of course the entire world, and SDG 5 talks about gender equality,” he added. Allocated to support the Agro Industry and empower women in the SME industry, this credit facility agreement succinctly and perfectly supports, promotes, and enables the achievement of these SDGs.