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Access Bank, FMO sign $30m facility for women empowerment

By on November 20, 2014

Access Bank Plc and Netherlands Development Finance Company (FMO) have signed an agreement on a $30million facility for on-lending to female owners of small and medium scale enterprises (SMEs) in Nigeria.
The line of credit would provide financial resources to women owned small and medium scale enterprises in Nigeria.
A statement from the bank explained that the facility would also be utilised in providing capacity building, debt capital support to women owned businesses, and promote the bank’s financial goal of reaching the unbanked through provision of cheap funding.
The Women Empowerment Fund would be funded through a fifty-fifty participation from Access Bank and the FMO.
Speaking at the signing ceremony held at the Bank’s head office in Lagos the statement quoted the bank’s Group Managing Director, Mr. Herbert Wigwe to have said: “This for us is a milestone achievement and a step further in our relationship with FMO. We did collaborate in 2006 to promote the Gender Empowerment program (GEM) but I think today’s facility for us is necessitated because of the large program we have for the ‘W,’ the umbrella for anything for Women in Access Bank.
“Our aim is to inspire women through various strategic mentoring programs, a very interactive website which connects them, giving them better financial support and financial advisory services to enable them succeed as entrepreneurs.”
According to Wigwe, the $30million which the FMO is contributing is part of a counterpart funding structured to support female entrepreneur.
In the same vein, Manager, Infrastructure, Manufacturing & Services, FMO, Frederik Kummersteiner said: “This is another important partnership for us at the FMO as the women-driven SME sector represents a strategic pillar of Africa cum Nigeria’s quest for modernised and improved economy whilst encouraging inclusive banking in the economy.”

 

[ThisDay]