Access Bank Secures $30 Million Loan From Swedfund to Support SMEs
Nigerian multinational commercial bank, Access Bank, owned by Access Bank Group, has secured $30 million loan from Swedish development finance institution, Swedfund, to support small and medium-sized enterprises (SMEs) in Nigeria. The loan is part of a $295 million syndicate led by Dutch development bank FMO.
Commenting on the loan, Kitanha Toure, Regional Director of West Africa at Swedfund said in a statement, “Access Bank, known for its strong market presence and with a committed MSME strategy, serves as an effective partner to reach MSMEs in need of financing in Nigeria.”
Also speaking, Roosevelt Ogbonna, MD/CEO of Access Bank Plc, at a signing event held in Hague, Netherlands said,
“This facility not only enhances our capital reserves, but also strengthens Africa’s trade capabilities and export potential. Putting these funds to use, we aim to catalyze growth across various sectors, stimulate business development, create jobs, and deepen financial inclusion.”
This $30 million investment is the third such arrangement organized by FMO for Access Bank, underscoring a mutual dedication to enhancing Nigeria’s local economy and creating job opportunities. In 2018, Access Bank received $10 million as part of a $100 million loan arrangement. The syndicate was arranged by European development finance institutions including FMO, Proparco, Norfund, and Finnfund.
Access Bank has done remarkably well in supporting small businesses in Nigeria. In November 2023, the bank planned to target four million small businesses in total. This year, it increased its Micro, Small, and Medium Enterprises (MSMEs) loan scheme from N30 billion to N50 billion.
Source: Techcabal
