IFC partners Coronation Merchant Bank to boost trade finance in Nigeria

IFC, a member of the World Bank Group, has announced a $40 million Trade Finance Guarantee facility to Coronation Merchant Bank under its Global Trade Finance Program. This will enable Coronation Merchant Bank to establish and expand correspondent banking partnerships with several international banks in IFC’s trade finance programme, broadening access to finance in Nigeria.

IFC’s Global Trade Finance Program (GTFP) will offer confirming banks full or partial guarantees to cover the trade-related payment obligations of Coronation Merchant Bank. The programme supports trade with emerging markets worldwide, allowing participants conveniently finance their imports and exports, and promotes the flow of goods and services between developing countries.

“The GTFP partnership is a critical milestone for us in our journey to become a leading financial institution in Nigeria. We are delighted to partner with the IFC in providing trade finance solutions to our customers and we assure all our clients of our continued support to enable them achieve their business objectives,” Banjo Adegbohungbe, acting managing director, Coronation Merchant Bank, said on the partnership with IFC.

Kevin Njiraini, IFC’s director for Southern Africa and Nigeria, said, “We welcome Coronation Merchant Bank to the Global Trade Finance Program, which has been very active in Nigeria in the past. This relationship will help improve the bank’s trade with other countries, and create new economic opportunities in Nigeria.”

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Njiraini said the partnership attests to the continued growth of the Nigerian financial sector and restates IFC’s commitment to emerging markets around the world.

Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long under-served market. The bank offers investment and corporate banking, private banking/wealth management and, global markets/treasury services to its clientele. In 2019, Coronation Merchant Bank received awards such as Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank by Global Banking and Finance Review, and Best Investment Bank by Global Business Outlook.

The partnership with Coronation Merchant Bank underscores IFC’s commitment to Nigeria. IFC has invested in several projects in heavy manufacturing, technology and financial services, amongst other key sectors in the country.

HOPE MOSES-ASHIKE

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.