British International Investment (BII), the UK’s development finance institution and impact investor, has committed $50 million to Access Bank as part of a larger $295 million loan package arranged by the Dutch entrepreneurial development bank FMO.
This funding aims to bolster Access Bank’s capital base, enabling it to better support underserved Small and Medium Enterprises (SMEs), particularly those led by women and youth. The move is expected to provide these SMEs with essential working capital and enhance their resilience amid Nigeria’s severe economic crisis.
BII’s statement emphasized that this commitment would help Access Bank improve access to finance for SMEs across various sectors, including agriculture. This support is vital for the nearly 40 million MSMEs in Nigeria, which account for 86 percent of employment and contribute 50 percent to the GDP but often face significant challenges in accessing finance.
Jonny Baxter, British Deputy High Commissioner, highlighted that empowering smaller businesses and women entrepreneurs benefits entire communities. Benson Adenuga, Head of Office and Coverage Director for Nigeria at BII, expressed pride in deepening the partnership with Access Bank to accelerate Nigeria’s recovery and empower pivotal businesses in job creation, innovation, and economic diversification.
Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, noted that the syndicate Tier II Facility agreement marks a significant milestone, enhancing the bank’s capital reserves and strengthening Africa’s trade capabilities. Access Bank aims to use these funds to catalyze growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion, aligning with its mission to drive progress and development throughout the continent.
