Wema Bank, one of Nigeria’s leading financial institutions and a pioneer in innovation, has inked a historic credit facility agreement with the ECOWAS Bank for Investment and Development (EBID).
The $50 million credit facility is earmarked to bolster empowerment initiatives for Wema Bank’s diverse customer base, contributing to the bank’s mission of positively impacting lives through innovation.
The agreement, signed in Lome, Togo, aligns with EBID’s strategy of partnering with banks and reputable financial institutions to impact Small and Medium-sized Enterprises (SMEs) across the sub-region.
The credit facility from EBID will enhance Wema Bank’s existing loan disbursement capacity, enabling a broader reach to empower more Nigerians and business owners.
Moruf Oseni, Managing Director/CEO of Wema Bank, emphasized the bank’s commitment to making a positive impact on society through innovative financial solutions.
He stated, “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.”
The credit facility is strategically allocated to drive impact in two key areas—women and agriculture. Wema Bank, renowned for supporting women and female businesses, will intensify its efforts in these sectors.
Oseni emphasized the importance of empowering women, stating, “It is a personal philosophy of mine that any society that fails to empower women is flying on one wing.”
George Agyemkum Donkor, President and Chairman of the Board of Directors at ECOWAS, expressed the long-expected nature of this partnership, emphasizing the significance of women empowerment and the need for resources in the agricultural sector to enhance productivity and economic growth.
The credit facility is poised to support the Agro Industry and empower women in the SME industry, aligning with Sustainable Development Goals (SDGs) 5 and 2—gender equality and food security, respectively.
This partnership fortifies Wema Bank’s role in driving the Nigerian economy and exemplifies its commitment to empowering lives through innovation.
The credit facility signifies a significant step toward achieving the bank’s mission of continued positive impact on individuals and businesses.