• Monday, February 26, 2024
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Wema Bank targets more funding for agric, women after $50m credit deal with EBID

Oseni seeks bridging of MSMEs’ funding gap, managerial skills

Wema Bank plc says it is poised to commit more funds to promoting agriculture and businesses owned and run by female entrepreneurs following the $50 million credit facility it has signed with the ECOWAS Bank for Investment and Development (EBID).

The deal was sealed on Monday, November 20, 2023, in Lome, Togo.

The $50 million credit facility assigned to Wema Bank aligns with EBID’s strategy of impacting SMEs across the sub-region via partnerships with banks and reputable financial institutions that have a significant reach within the subregion.

The Nigerian lender says with this facility, it will now further extend its loan disbursement capacity to positively impact more Nigerians and business owners across the country, driving the shared vision of empowerment.

Moruf Oseni, Wema Bank’s managing director/CEO, said the bank’s quest to drive impact and its mission of empowering lives through innovation, was what motivated the partnership with EBID.

Read also: How start-ups leverage Wema Bank’s Hackaholics to navigate funding challenge

According to him, “Banking without impact or value is nothing, which is why we continue to find new ways to positively impact the lives of our customers and our society. Our mission is clear—to empower lives through innovation—and over the years, we have developed innovative ways to achieve it.

With each solution, partnership, and initiative, we have evolved into a multifarious support system and enabler across different areas of the national ecosystem and through this partnership, more lives and businesses will be impacted nationwide.”

Giving more insights into the allocation strategy for the facility, Oseni added, “This credit facility is targeted for impact across two major areas—women and agriculture. Beyond creating women-specific solutions, we are critically acclaimed for supporting women and female businesses nationwide and now, we can take our impact to greater heights.

Read also: FG partners Wema Bank to lift 2m youths, 1m MSMEs

“It is a personal philosophy of mine that any society that fails to empower women is flying on one wing, so we will not leave anyone behind on this journey of positive impact. Food is another area that can make or break an economy; a country where the majority can feed comfortably has solved a chunk of its problems. With this facility, we will intensify our efforts and multiply our impact across these two sectors towards the creation of a better life for all.”

George Agyemkum Donkor, president/chairman, board of directors at ECOWAS, described the partnership as long-expected.

Donkor emphasised the importance of women’s empowerment and the need to continue providing actors in the agricultural sector with resources to enhance produce, add value to the ecosystem and increase trade returns for socio-economic growth and development.