U.S. signs $280m financing with Access Bank

The $280 million loan from DFC will boost financial inclusion in Nigeria and empower women, bolstering the country’s economic growth

U.S. International Development Finance Corporation (DFC) on Monday signed a $280m financing for Access Bank, to boost Small and Medium Enterprises (SMEs) in Nigeria.

Scott Nathan, CEO of DFC, signed the commitment letter for $280 million in financing for Access Bank Plc in Nigeria alongside Roosevelt Ogbonna, Access Bank managing director.

The loan will help address the financing gap for SMEs and advance financial inclusion in Nigeria, including through the bank’s commitment to supporting women-owned and -led businesses.

“DFC’s investment in Access Bank demonstrates U.S. support for private sector-led development in Nigeria and throughout West Africa,” said Nathan. “The $280 million loan from DFC will boost financial inclusion in Nigeria and empower women, bolstering the country’s economic growth.”

“We welcome U.S. International Development Finance Corporation CEO Scott Nathan to Nigeria,” said U.S. Ambassador Mary Beth Leonard. “We look forward to discussing with the public and private sectors how DFC funding can be leveraged to unleash the full economic potential of Nigeria through support to the country’s small and medium-sized businesses, financial sector, and climate change-focused enterprises.”

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“Access Bank is extremely pleased to announce this strategic partnership with DFC to support the multitude of businesses across Nigeria who stand to benefit from greater access to finance, especially in an environment that is in need of stronger economic diversification, ” said Roosevelt Ogbonna. “We look forward to utilizing the partnership with DFC in driving further economic expansion and inclusion in Nigeria, with a strong focus on non-oil sectors and women businesses.”

“We are delighted to have collaborated with Access Bank and DFC on this significant transaction, which will significantly boost SME corporate activity in Nigeria,” said Rizwan Shaikh, Citi EMEA head of emerging markets corporate Bank. “This is yet another milestone stride for Citi as it executes a focused local economic development strategy based on solid partnerships with key clients and development agencies.”

DFC financing for Access Bank will provide needed liquidity given the global economic downturn caused by the COVID-19 pandemic. The loan is expected to support at least 4,000 new SME loans in Nigeria. In addition, the loan proceeds will be on-lent across more than a dozen sectors in the Nigerian economy, with specific focus on women-owned SMEs, and on loans with longer tenors, which will provide more flexibility to borrowers.

Access Bank is one of the largest banks in Nigeria and has banking subsidiaries throughout Africa. Citibank acted as the coordinator and arranger/co-lender to help facilitate the loan.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.