Wema Bank, Nigeria’s foremost financial institution and a key innovator, has entered into a credit facility agreement of $50,000,000 with the ECOWAS Bank for Investment and Development (EBID). The signing ceremony took place on Monday, November 20, 2023, in Lome, Togo,leadership reports.
The $50,000,000 Credit Facility, allocated to Wema Bank, aligns with EBID’s strategy of fostering partnerships with banks and reputable financial institutions that have a significant reach within the subregion to impact SMEs positively.
This credit facility will enable Wema Bank to expand its existing loan disbursement capacity, aiming to positively influence more Nigerians and business owners, thus contributing to the shared vision of empowerment.
Moruf Oseni, the Managing Director/CEO of Wema Bank, stated that the bank’s commitment to driving impact and empowering lives through innovation motivated the partnership with EBID. He emphasized the importance of creating value and impact, stating, “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.”
Oseni highlighted the areas of focus for the credit facility, stating, “This credit facility is targeted for impact across two major areas—women and agriculture.” He emphasized Wema Bank’s dedication to supporting women and female businesses nationwide and expanding its impact through this partnership.
The allocation strategy for the facility is directed towards women empowerment and the agricultural sector, aligning with Wema Bank’s commitment to creating a better life for all. Oseni stressed the importance of empowering women and the significance of food security in the development of the economy.
George Agyemkum Donkor, President and Chairman of the Board of Directors at ECOWAS Bank, described the partnership as long-expected, emphasizing the importance of empowering women and providing resources to enhance the agricultural sector.
The partnership aligns with the Sustainable Development Goals (SDGs), specifically SDG 2 (food security) and SDG 5 (gender equality). It reinforces Wema Bank’s commitment to empowering its customers and contributes to the achievement of SDGs.
The credit facility agreement is designed to support the Agro Industry and empower women in the SME industry. It further strengthens Wema Bank’s capacity to finance loans for various segments, including SMEs, youth, students, and corporates.
This groundbreaking partnership signifies a positive step toward the continued achievement of Wema Bank’s mission of empowering lives through innovation. The ECOWAS Bank for Investment and Development, established by the 15 member-states of ECOWAS, is recognized for financing credible developmental projects and programs across diverse areas.