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Wema Bank gets $70m loans from foreign banks

By on July 8, 2014

Wema Bank has secured $70m facilities from foreign correspondent banks and Development Finance Institutions to support its operations.

Over $50m of the loans came from the bank’s foreign correspondent banks while the remaining $20m was from Development Finance Institutions.

A statement by the bank on Sunday said the $20m DFIs fund would be deployed in funding Small and Medium Enterprises among others.

The lender said by obtaining the loans, it had reaffirmed its capacity to handle large international trade transactions, provide necessary finance and support for SMEs while also underscoring the confidence of foreign financial institutions in its risk management systems.

“Wema Bank reaffirmed its committed to providing value for its customers while also giving financial support to various sectors of the economy, especially the SMEs subsector,” the statement noted.

Recently, the lender returned to profitability and the new management had expressed its commitment to transform the bank.

The bank said the management had also instituted sound corporate governance and risk management frameworks in the process.

 

[Punch]